Canopy Triples Down On US Hemp

Canadian cannabis producer Canopy (CGC) went through with another hemp acquisition in the US, AgriNextUSA. The Philadelphia Inquirer reports Canopy Growth Corporation is planning to build a series of industrial hemp parks across the country, including Pennsylvania, as part of its expansion plan.

Only weeks ago, Canopy also announced a major partnership with Martha Stewart, since they will work together on a project focused on CBD products for pets.

First, Canopy acquired Green Hemp Industries in early 2018, within an initial investment which was supposed to present an entry to the hemp industry.

With a big investment from its partner Constellation Brands (STZ), who gifted them with over $4 billion USD this previous summer, Canopy will be adequately positioned to create havoc not just on the US hemp market, but all over the world, as hemp is likely to spread across the globe.

Canopy will also construct a facility in upstate New York which will house most of the US operations. The facility is supposed to cost around $100 million USD, although Canopy stated they might invest around $150 million.

 

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