Canopy Growth to Open 150 Million Facility in New York
Canadian cannabis company Canopy Growth (CGC) has been given a license to produce and process hemp in New York. This fast following the US farm bill, which legalized the creation of hemp in the US. Canopy shares are rising on the Nasdaq and inspirational rallies in additional so called”pot stocks”
Canopy Growth Corp currently plans to spend up to $150 million to build the production facility in New York.
The farm bill removed industrial hemp from the list of controlled substances, developing a legal market for cannabidiol (CBD). It also opened the US market for Canadian cannabis companies like Canopy Growth. CBD appears set to become a frequent health product ingredient in North America and possibly globally.
The New York facility for Canopy will center on hemp extraction and production. Canopy states it will ”generate jobs in an exciting, yet highly profitable new industry.” Brightfield Group forecasts the value of the CBD and CBD-derived product marketplace to reach $20 billion by 2022. Investors currently seem enthralled by the possibility of cannabis-related stocks in what represents an entirely new sector.