The ground-breaking ceremony is the culmination of an agreement that Smiths Falls, Ontario-based Canopy Growth entered into with the provincial government back in December 2017 to produce and supply cannabis throughout the province, reports VOCM.
The Monday ceremony was also used as a press conference, with Ryan announcing that the new site will house a 150,000 square-foot marijuana production facility, that will grow 12,000 kilograms of cannabis a year, with 8,000 kilograms earmarked for the province.
“It’s a really great day for Canopy and for St. John’s,” said Ryan, calling the agreement a major boost for the Newfoundland and Labrador economy.
Ryan said the production facility would be hiring 145 employees, while Canopy Growth would need an additional 60 employees for the four retail locations in the province, once marijuana is legalized. Three retail stores will be located on Water Street and Kenmount Road in St. John’s and Broadway in Corner Brook. The fourth retail store will be located at the production facility, reports CBC Canada.
“As soon as it’s legal, we will have those retail stores open,” said Ryan. And Canopy Growth is moving ahead and will be holding a job fair next month to hire employees for the retail stores. The job fair will also have an educational component, Ryan added.
“Our goal here is to really be part of the community, to create jobs and at the same time sell cannabis in a very responsible way,” he told reporters at Monday’s event.
When asked about prices for the marijuana products, Ryan told reporters prices had not been set, yet. As for the products, they will probably include pre-rolled joints, cannabis oil and flowered cannabis. “Stay tuned for a price list when the time is right,” he said.
Canopy Growth biggest stock on the planet
Canopy Growth, the largest Canadian supplier of medical marijuana, is a giant in the marijuana industry right now, with a market cap of $4.6 billion. The next closest stock is GW Pharmaceuticals, a cannabinoid-focused biotech firm, with a market cap of $3.8 billion.
The company’s sales soared over 120 percent year over year in its latest quarter, mostly on medical marijuana sales. But with the legalization of recreational marijuana taking effect later this year, Canopy Growth should be well-positioned to capture a significant chunk of what is estimated to be a $6 billion market.
Canopy Growth is not just looking to expand in Canada, either. The company stepped into the medical marijuana market in Germany with its 2016 acquisition of MedCann. Canopy Growth has also expanded its operations further through partnerships and joint ventures into several other countries, including Australia, Brazil, Chile, Denmark, Jamaica, and Spain.
