On Jan. 16, 2018, Canadian cannabis company Canopy Growth Corporation (TSX: WEED) announced its arrangement to provide marijuana to the province of Prince Edward Island.
According to Reuters, Prince Edward Island represents the eighth province where Canopy Growth has a marijuana supply agreement. Within the first year of the agreement, the company will provide the province 1,000 kg of marijuana.
“We’re looking forward to bringing popular brands like Tweed, Leafs By Snoop, DNA Genetics, and a number of the best independent craft cannabis producers across Canada to the people of Prince Edward Island through this agreement,” said Mark Zekulin, President, Canopy Growth, in a press release.
Canopy Growth isn’t the only company getting business from the province, though. Prince Edward Island has another supply deal with OrganiGram Holdings Inc. (TSXV: OGI) and Canada’s Island Garden. The province is also working on creating a timeline for cannabis legalization.
Prince Edward Island and Canopy Growth have signed a two-year contract, and if all goes well, the contract will likely be renewed for a third year.
The Canadian cannabis company, which is based in Smiths Falls, recently announced that it will also supply Newfoundland and Labrador with cannabis. It is here that Canopy Growth plans to create a production facility with an annual marijuana production capacity of 12,000 kg.
The company’s recent growth may be attributed to the optimistic attitude towards recreational marijuana in Canada, with the country slated to legalize the drug this summer.