In addition to the newly acquired asset, construction has commenced on an additional 212,000 sq. ft. of state-of-the-art greenhouse to be located on the current Tweed Farms property, to be completed by April 2018.
All told, Tweed Farms will soon be home to over 1,000,000 sq. ft. of greenhouse space under glass, plus post-harvest facilities including a recently renovated 10,000 sq. ft. of updated space for new drying rooms and an upgraded laboratory.
Canopy Growth purchased the property for $9 million with a combination of $6 million in cash and equity totalling up to $3 million in Canopy Growth common shares, of which $2 million is contingent on certain milestones, the latest issuance taking place no later than one year following the closing date of the transaction. The total number of common shares issued on closing amounted to 111,366 and are subject to a four month lock up.
“We see a long-term need for a diversified and exponentially larger footprint here in Canada balancing indoor and greenhouse growing platforms,” said Bruce Linton, Chairman and CEO, Canopy Growth. “Expanding the production capacity and greenhouse space at Tweed Farms allows us to continue to grow into the demand in the market, and showcase our best-in-class sun-grown products.”
Design has already begun on the renovation of the newly acquired facility and the retrofit is set to commence in October 2017. Some of the many upgrades will include: new irrigation systems, environmental controls, automation, and shading systems, all designed to maximize yields in an environmentally friendly way while meeting the Tweed standard for indoor and greenhouse growing that has made it the most popular brand of cannabis in Canada.
Tweed Farms will continue to grow and harvest a variety of genetics to support growing demand for dried flower, oil, and Softgel capsule cannabis products. The current fall harvest will soon be underway and will be the third consecutive crop utilizing the full 350,000 sq. ft. of flowering space, positioning the team for a successful transition to supporting a full 1,000,000 sq. ft. of production space in 2018.
For more information:
1 Hershey Dr.
Smiths Falls, Ontario
1 855 558 9333 x 122