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article imageCanopy Growth extends American hemp reach with acquisition

By Karen Graham     Mar 21, 2019 in Business
Ontario-based Canopy Growth announced on Thursday, March 21 it has acquired AgriNextUSA, a hemp enterprise led by CEO Geoff Whaling. Mr. Whaling will join Canopy Growth USA as a strategic adviser.
Whaling is the President and CEO of AgricNext and CEO of GWW LLC. Whaling is considered a hemp pioneer and a leading advocate for the sector in the United States, reports CBC Canada.
Canopy Growth's acquisition of AgriNextUSA will secure the company's entry into the hemp industry in the United States as regulations surrounding the full use of hemp as a crop begin the long process of being hammered out.
"The United States is the next stop on Canopy Growth’s desired path to becoming a leading, revenue-generating company focused on all aspects of cannabinoids and their potential. Our significant investments, acquisitions, and compilation of talented leaders such as Geoff will position us for swift expansion throughout the United States," said Bruce Linton, co-CEO and Chairman of Canopy Growth in a statement.
Canopy Growth is already looking toward the future because hemp has the potential to disrupt several industries, including advanced materials, cosmetics, energy, fiber and textiles, food and protein production, as well as the health and wellness sectors.
AgriNextUSA has a vision, supported by Canopy Growth, of creating hemp industrial parks. To that end, in January this year, Canopy Growth received a license from the state of New York to process and produce hemp. The Canadian company plans to establish a hemp industrial park in New York with large-scale production capabilities focused on hemp extraction and product manufacturing.
Canopy Growth is in the process of finding an industrial site and plans to invest $100 to $150 million in the operation, creating 400 jobs. The move is something Senator Chuck Schumer (D-NY) has fought hard to make happen.
“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,” he said in a statement at the time.
American farmers will be the beneficiaries of the industrial park, says Canopy Growth, with a single, regional destination for their hemp crops.
More about canopy growth, Hemp, AgriNextUSA, New york state, hemp industrial park
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