Canopy Growth forms joint venture to convert Quebec tomato greenhouse to cannabis

The Canadian Press
December 18, 2017
By The Canadian Press
tomato vines in Les Serres Stephane Bertrand greenhouse
tomato vines in Les Serres Stephane Bertrand greenhouse (CNW Group/Canopy Growth Corp.)
MIRABEL, Que. – Canopy Growth Corp. has signed a joint-venture deal with Les Serres Stephane Bertrand Inc., a large-scale tomato greenhouse operator in Quebec.

The joint venture will lease a greenhouse used for tomatoes and other vegetables from Bertrand that will be upgraded and retrofitted for cannabis production by April 2018.

Canopy says an application for this site has been submitted and subject to Health Canada and other regulatory approvals it expects being ready to begin production by May 2018.

The greenhouse holds an Ecocert “organic” certification.

Canopy has agreed to issue Bertrand $2.75 million in shares in four equal tranches, based on certain milestones. To fund the development of the joint venture, Canopy's Canopy Rivers subsidiary will also contribute $15 million in cash and Canopy has agreed to buy all of the cannabis produced during an initial term.

Canopy and its Canopy Rivers subsidiary will own a two-thirds stake in the joint venture, while Bertrand, which will operate the joint venture, will hold the remaining third.



Source: Canadian Press

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular

Latest Events

O'Cannabiz Conference and Expo
Thu Jun 07, 2018 @ 8:00AM - 05:00PM