Ottawa-area pot producer Canopy Growth Corp. (TSX:WEED) plans to establish a 40,000-square-metre cannabis production facility in Odense, Denmark to cater to the Scandinavian country’s medical marijuana patients.
The new facility comes under a joint venture announced in September between Canada’s largest licensed marijuana producer and European hemp producer Danish Cannabis ApS, called Spectrum Denmark.
The companies say the production facility in Denmark’s third-largest city is expected to have more than 125 staff and serve approximately 60,000 patients.
Some 30,000 square metres of existing greenhouse infrastructure could be converted as soon as early 2018, subject to regulatory approval and licensing, the companies say.
While Spectrum Denmark goes through the process of getting its license for production, it expects to import cannabis products from Canada.
This comes as Canopy and other Canadian marijuana companies look to increase their international footprint to benefit from future growth in countries such as Jamaica, Germany and Brazil.
“The Danish market is a stable, attractive market for a number of strategic reasons,” Bruce Linton, chairman and CEO of Canopy Growth said in a statement. “In Denmark, we see a strong pharmaceutical industry with an equally strong research tradition as well as a skilled labour pool and attractive energy rates.”