Canopy Growth Corporation Plans Hemp Industrial Park in Southern New York State
The Company reported it intends to announce the specific location within 100 days. “Thanks to the work of key state and federal government officials from the State of New York, Canopy Growth is proud to outline its commitment to invest in New York in order to establish a Hemp Industrial Park,” the company said.
“Canopy Growth will establish within the Hemp Industrial Park large-scale production capabilities focused on hemp extraction and product manufacturing within the United States,” Canopy officials added. “Canopy Growth will be the anchor business in the broader Hemp Industrial Park where third parties can join an innovative hemp ecosystem focused on every potential application of the hemp crop, from fiber, to seed, to cannabinoids.”
“Canopy Growth was founded to drive innovation within the cannabis and hemp industries. In New York we see an opportunity to create products that improve people’s lives,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “In the process, we will create jobs in an exciting, highly profitable new industry.”
Depending on Board approval of a specific site, Canopy Growth intends to invest between $100 million USD and $150 million in its New York operations, capable of producing tons of hemp extract on an annual basis.
The project is another example of the strategic advantage Canopy Growth has earned with the recently-closed $4 billion strategic investment made by Constellation Brands, a New York-based beverage alcohol leader and Fortune 500 company.
"Canopy Growth's $100-$150 million USD investment in the Southern Tier is a true win-win - for Canopy Growth, who will be positioned at the forefront of Upstate New York’s industrial hemp revolution, and for the Southern Tier’s economy and farmers, which will receive a major shot in the arm in new good-paying jobs. I fought so hard to strip the burdensome federal regulations from industrial hemp in our Industrial Hemp Farming Act of 2018, which was recently included in the Farm Bill, because I knew how much it could mean to the Southern Tier, and this investment proves it," said U.S. Senator Chuck Schumer.
Based on its expertise in hemp-derived cannabinoid extraction and processing, Canopy Growth has been granted a licence by New York State to process hemp for various applications. Canopy Growth is a large-scale extractor with specific experience producing standardized medical products. Its production processes have achieved GMP certification, the global standard for pharmaceutical production, at its Canadian headquarters in Smiths Falls, Ontario.
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