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Canopy Growth Gets License to Operate in New York

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License in New York

Canopy Growth (WEED)(CGC) reported that it received a licence in the State of New York to run hemp operations. The company added that it received the license based on its expertise in hemp-related products and that the licence will help it establish commercial operations in the United States.

The recent developments in the U.S. Farm Bill have paved the way for Canopy Growth and other Canadian (MJ) producers to enter the United States.

Following this development, the company hopes to invest between $100 million and $150 million in the operations “capable of producing tons of hemp extract on an annual basis.”

With this licence, the company will get its hemp raw materials from US farmers. In its press release, the company stated that it “will establish within the Hemp Industrial Park large-scale production capabilities focused on hemp extraction and product manufacturing within the United States.”

The stock was trading almost 6.7% higher around 1:55 AM ET while TIlray (TLRY) continued to trade 6% higher. Aphria (APHA) was up almost 2%, and Cronos (CRON) was trading nearly 1.4% higher.

Check out the following articles for other must-know updates on the hemp and cannabis space:

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