Canopy Growth Corporation Applauds Health Canada's Approach to Cannabis Regulation & Comments on Outdoor Production
Canopy Growth Corporation Applauds Health Canada's Approach to Cannabis Regulation & Comments on Outdoor Production |
[28-June-2018] |
SMITHS FALLS, ON, June 28, 2018 /CNW/ - Canopy Growth Corporation (TSX: WEED) (NYSE:CGC) ("Canopy Growth" or the "Company") is pleased to welcome the recently announced Cannabis Regulations in support of the Cannabis Act, one of the final steps in the progression towards a national system for the regulated production, sale and consumption of quality-controlled cannabis in Canada. The regulations, upon an initial review, present an exhaustive and sophisticated system for production and marketing, and are in-line with the Company's expectations. They represent the culmination of years of experience gained through the medical cannabis system, and will serve Canadian patients, adult-use consumers, producers and stakeholders well as the country approaches the end of cannabis prohibition. The Company welcomes the introduction of the micro-cultivator and micro-processor licence categories, which will bring a diverse set of participants to the cannabis market. While the Company will explore outdoor cultivation, it cautions investors that Health Canada's application of existing security requirements upon outdoor cultivation will, based on the Company's experience, render large-scale outdoor cultivation very difficult to establish. That, along with the operational concerns in maintaining actual physical security of such a facility, and challenges in ensuring quality control and production quality, means the Company does not foresee non-hemp Canadian outdoor production of cannabis as a medium-term viable alternative to its current production platform. "The regulations unveiled by Health Canada continues the Canadian government's track record of having a responsible and pragmatic approach to establishing a legal cannabis market," commented Mark Zekulin, President & Co-CEO, Canopy Growth. "Creating these regulations is complex work and what Health Canada has achieved, while not perfect, is a testament to the professionalism of the public service and the bold vision of the Government of Canada." Through extensive consultations with communities and stakeholders every step of the way including existing licensed producers of all sizes, provincial and municipal governments and Indigenous organizations, Health Canada has established a world-class regulatory environment which other countries who are looking to legalize cannabis can use as a model, placing producers in good stead both in Canada and globally. Here's to Future Growth. About Canopy Growth Corporation Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten cannabis production sites with over 2.4 million square feet of production capacity, including over 500,000 square feet of GMP-certified production space. The Company has operations in nine countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and through its partly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector. From our historic public listing to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. For more information visit www.canopygrowth.com Forward Looking Statement
SOURCE Canopy Growth Corporation | ||
Company Codes: NYSE:CGC, Toronto:WEED |
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