Canada’s largest licensed cannabis producer is about to get even bigger. On Wednesday, Canopy Growth Corp. announced that it will develop up to 3 million square feet of additional greenhouse capacity in British Columbia.
The move, part of a newly announced joint venture with a large-scale British Columbia-based greenhouse operator to form BC Tweed Joint Venture Inc., will more than doubles Canopy’s cultivation footprint, according to a company release.
The BC greenhouses currently grow peppers, CEO Bruce Linton said in the release, and the company will spend several million dollars to adapt them for cannabis cultivation. The majority of the resulting product is expected to be sold on Canada’s domestic market.
“The Joint Venture allows us to expand our operational footprint for greenhouse production while increasing our institutional knowledge of operating large-scale greenhouses,” Linton said. “Our cannabis expertise already operating the largest cannabis greenhouse in the sector combined with experience of our new partner’s extensive large-scale greenhouse production record, is great news for our customers and investors.”
The deal will increase Canopy’s total greenhouse production footprint to approximately 2.3 million square feet and includes an option to grow that footprint to 4 million square feet. The venture also expands Canopy’s operations into six Canadian provinces, part of what the company says is a plan for international growth.