Canopy Growth Corporation Pronounces An Offtake Agreement With Pharmhouse

Canopy Growth Corporation Pronounces An Offtake Agreement With Pharmhouse

Canopy Growth Corporation has moved into an offtake agreement with PharmHouse Inc. According to the agreement, PharmHouse will serve Canopy Growth Corporation with top quality cannabis flower. It will obtain it from its Leamington greenhouse facility and will be districting it over the next three years. The company says that it will only dwell on the additional 20 per cent of the flowering space available in the location.

PharmHouse objectives

PharmHouse has 1.3 million square feet of greenhouse grow space and is considering licensing out its facility. At the moment, it works with Canopy Rivers to prepare the facility for the eventual licensing. They set out to do this from October 2018 to date.

PharmHouse intends to leverage on Canopy Growth’s genetics. The plan is to later sell the flower under Canopy Growth’s diverse brands and banners. The agreement also outlines that PharmHouse will over 18 months produce GMP-certified, high quality cannabis flower.The goods produced will conform to an internationally recognized system. This will be about ensuring the goods are of the highest consumer health and safety standards.

Future business plans

The company is already making preparations to export the goods to most of its international divisions. Another part of the agreement provides that 30 per cent of PharmHouse’s total flowering space will be allocated to Canopy Growth.

Chairman & Co-CEO of Canopy Growth Corporation Bruce Linton opined, “We have witnessed Canopy Rivers and its joint venture partner pour their hard work into the PharmHouse facility in Leamington and couldn’t be more satisfied with how it has turned out”.

The official states that they will expect PharmHouse to allocate them the high flower quality. He adds that the ecosystem model from Canopy Rivers won’t disappoint at all. He sees the new agreement with PharmHouse as a real showcase of how well they intend to manage their wide range of assets.

Another official lays emphasis on the need to uphold production within the ecosystem. The plan is enable Canopy Growth leverage on low cost of production from the PharmHouse facility. Canopy Growth also intends to leverage on the anticipated throughput. There are high hopes that the company will be receiving high-quality dried flower.

Published at Tue, 21 May 2019 14:05:06 +0000