|Feb 14, 2017
|Nov 14, 2016
|Aug 29, 2016
|Jun 27, 2016
|Feb 25, 2016
|Nov 26, 2015
|Aug 31, 2015
In December 2016, one of the Company’s facilities was granted a CDSA dealer’s license, allowing it to undertake analytical testing of cannabis and its related components. The Company also announced the formation of Canopy Health Innovations (CHI), a private company formed to act as WEED’s cannabis research incubator. Canopy Growth Corporation retains a right-of-first-refusal on licensing and commercializing IP developed by CHI.
Mettrum Acquisition Expands Market Position:
In January 2017, the Company acquired Mettrum Health for $335M in stock. Mettrum is a licensed producer of medical cannabis (dried and oils) and industrial hemp-based products. The Company currently produces approximately 16 strains from a genetic library of over 60 strains, which it refers to as the Mettrum SpectrumTM. It received its first license in November 2013, and began selling in January 2014. Prior to its acquisition by Canopy, Mettrum was working towards an annual capacity target of 25,000 kg by March 2018.
Mettrum Production Capacity:
Mettrum’s Creemore facility in Clearview, Ontario, is licensed for annual production and sales of up to 2,000 kg of dried marijuana, 1,500 kg of cannabis oil, and 200 kg of cannabis resin. The Company’s Bowmanville facility is licensed for annual production of 1,600 kg of dried marijuana, 1,600 kg of cannabis oil, and 100 kg of cannabis resin. Both facilities are also authorized to sell specific amounts to other LPs. The Company has a third facility – Mettrum North (also in Bowmanville) – and has announced plans to sell it to Cannabis Care Canada for $7M, while entering a three-year supply agreement. Mettrum’s current Phase II expansion is expected to take capacity to 18,000 kg by March 2017, and it has already started work on its Phase III expansion to take annual capacity to 25,000 kg by March 2018.
Acquisition of Hemp Business brought Value-added Products:
In April 2015, Mettrum acquired its hemp business, renaming it Mettrum Hempworks. It sells 30 SKUs of hemp-based food and personal care products, offered in over 2,000 stores under the Mettrum Originals brand. Products include flour, cooking mixes, lip balm, and oils. In May 2016, it entered into a three-year agreement with Live Nation (LYV-NYSE, NR), giving Mettrum Originals exclusive name and marketing rights for the lawn at the Molson Amphitheatre in Toronto. The agreement also gives Mettrum Health the rights to sample and sell Originals’ products at the venue.