Canopy Rivers has announced that PharmHouse, its 49%-owned joint venture in Leamington, Ontario, received a licence amendment from Health Canada allowing for cultivation across its entire greenhouse, which is now fully operational. PharmHouse plans to immediately ramp up production in accordance with its offtake agreements with Canopy Growth Corporation and TerrAscend Canada Inc. PharmHouse has committed 50% of its 2020 output pursuant to these agreements, and currently expects to use the remaining 50% of its capacity for both additional offtake agreements and its own private label brand.
"The receipt of our licence amendment represents a large milestone for PharmHouse," said Tony Abbas, General Manager, PharmHouse. "This is a reflection of the hard work and dedication that our team has put in this past year and we are all very excited for this next chapter. Since the inception of PharmHouse, it has been our goal to bring innovation and consistency to greenhouse cannabis cultivation. With our full production capacity available to us and with the experience and market presence of our partners, we hope to change the industry concept of commercial cannabis production."
Canopy Rivers holds a 49% equity interest in the PharmHouse joint venture, a strategic relationship between Canopy Rivers and its PharmHouse joint venture partner, the principals and operators of North American agriculture and produce conglomerate Mastronardi Produce Limited. "Mastronardi brings its expertise in large scale production, distribution and marketing of agricultural products to the joint venture," the team with the company explains. "Together, the parties have collaborated to build an automated facility designed to be in compliance with EU-GMP standards, and plan to leverage their networks and respective strengths in cannabis, global commercial agriculture, and marketing."
"We want to congratulate the entire team at PharmHouse for this achievement," said Narbe Alexandrian, President and CEO, Canopy Rivers. "We believe that PharmHouse's technology-driven approach to cannabis cultivation and its ability to leverage the significant experience of our joint venture partners is a differentiator and positions PharmHouse well to execute on its vision."
For more information:
Canopy Rivers
40 King Street West
Suite 2504
Toronto, ON, M5H 3Y2
Canada
855-227-8639
info@canopyrivers.com
canopyrivers.com