Canopy Rivers (TSX:RIV,OTC:CNPOF) announced that PharmHouse, its 49 percent-owned joint venture in Leamington, Ontario, received a licence amendment from Health Canada allowing for cultivation across its entire greenhouse.
As quoted in the press release:
PharmHouse plans to immediately ramp up production in accordance with its offtake agreements with Canopy Growth Corporation and TerrAscend Canada Inc. PharmHouse has committed 50% of its 2020 output pursuant to these agreements, and currently expects to use the remaining 50% of its capacity for both additional offtake agreements and its own private label brand.
“The receipt of our licence amendment represents a large milestone for PharmHouse,” said Tony Abbas, General Manager, PharmHouse. “This is a reflection of the hard work and dedication that our team has put in this past year and we are all very excited for this next chapter. Since the inception of PharmHouse, it has been our goal to bring innovation and consistency to greenhouse cannabis cultivation. With our full production capacity available to us and with the experience and market presence of our partners, we hope to change the industry concept of commercial cannabis production.”