Canada’s largest cannabis producer is expanding to the “renowned sun, soil and water of Jamaica” thanks to a new strategic partnership with an island grower.
Canopy Growth Corp. (TSX:WEED) announced this week that it has signed ownership for a 49 per cent stake in Grow House JA Ltd. – henceforth to be known as Tweed Ltd. JA. The company already has its conditional license approvals in place and has begun construction of its growing facility.
The Jamaican government has been establishing a framework for the cultivation and sale of medicinal marijuana since 2015. In a release, the firm says it will apply the production formulae it has developed in Canada to Caribbean nation’s already “well-established and renowned” cannabis products.
"Jamaica represents a world-class cannabis market, and we are fortunate to be working with a highly experienced and knowledgeable local team so we can put the right pieces in place to turn these opportunities into local prosperity and success," said Canopy Growth CEO Bruce Linton in a statement.
Tweed JA is the latest international move from Canopy Growth in recent months. The firm has also established presences in the Australian, Danish, German and Spanish markets. Within Canada, the firm has also made its way into B.C. and New Brunswick.
Shares of Canopy Growth have been relatively stable since Wednesday’s announcement, sitting at $12.93 in midday trading.