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Canopy Growth To Invest $100-$150 Million In New York Hemp Operation

January 15, 2019

Canopy Growth, the cannabis producer in which Constellation holds a 38% stake, is set to invest between $100 million and $150 million in a new Hemp Industrial Park to be located in upstate New York. Canopy says it’s evaluating several sites for the project in the Southern Tier region of the state and expects to announce its decision within 100 days.

Canopy’s New York site will be among the company’s first extraction and processing facilities outside Canada, where it controls more than one-third of all cannabis supply contracts. In New York, the group will focus on “extracting, processing, and formulating cannabinoid-based consumer products and medicines,” which could include CBD-infused beverages and other products. Last month, legal restrictions on industrial hemp and hemp-derived products were lifted as part of the U.S. government’s 2018 Farm Bill. —Daniel Marsteller

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