Canopy Growth Corporation (TSX:WEED) (“Canopy Growth” or the “Company”) and Canopy Rivers Corporation (“Canopy Rivers”) are pleased to announce a definitive joint venture agreement to form a new company, Les Serres Vert Cannabis Inc. (“Vert Mirabel”), together with Les Serres Stéphane Bertrand Inc. (“Bertrand”), a largescale tomato greenhouse operator in Mirabel, Quebec. Bertrand currently produces tomatoes and other vegetables under 700,000 sq. ft. of modern greenhouse, most of which was built in 2015. The entire greenhouse will be upgraded and retrofitted for cannabis production by April 2018. With the assistance and guidance of Canopy Growth, the application for this site has been submitted; and subject to Health Canada and other standard regulatory approvals, the Company anticipates being ready to begin production by May 2018. Under the terms of the agreement, Vert Mirabel will, subject to satisfaction of certain conditions, lease the 700,000 sq. ft. greenhouse facility from Bertrand. Vert Mirabel will also be provided with an option to acquire the property. Vert Mirabel significantly supplements Canopy Growth’s industry leading production portfolio and positions the company well in Quebec, Canada’s second largest province. “The joint venture allows us to expand our operational footprint for greenhouse production, and establish a much larger foothold in Quebec,” said Bruce Linton, Chairman and Chief Executive Officer, Canopy Growth. “The fusion of Canopy’s cannabis expertise with the greenhouse expertise of Les Serres Stéphane Bertrand is fantastic news for our customers and investors.”
We’re at the heart of Quebec’s fruit and vegetable industry
Canopy Growth and Les Serres Stéphane Bertrand establish a joint venture to convert a tomato greenhouse into a cannabis production facility for Quebec (in French)
January 23 2018
