Bulletin
Investor Alert

Market Pulse Archives

Aug. 20, 2019, 7:12 a.m. EDT

Canopy Growth wins key extraction license in Saskatoon from Health Canada

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Canopy Growth Corp. (CGC)
  • X
    Canopy Growth Corp. (WEED)
  • X
    Constellation Brands Inc. Cl A (STZ)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -3.22% /zigman2/quotes/202205609/delayed CA:WEED -3.20% said Tuesday that Health Canada has awarded it an extraction license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. The Canadian company, which is a market leader in the cannabis space thanks to a $4 billion investment from Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ -1.76% , said the facility along with its Smiths Falls, Ontario site and recently licensed BC Tweed extraction site means it has three significant extraction assets to support development of new products. The Saskatchewan facility is expected to be online by fall of 2019 and to have the capacity to extract up to 5,000 kg of hemp or cannabis biomass a day. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada," Chief Executive Mark Zekulin said in a statement. Canada is gearing up to start offering edibles and other derivatives products in December. Canopy's U.S.-listed shares rose 2.9% premarket, but are down 0.6% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -2.27% has gained 4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.77% has gained 16.6%.

/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 15.33
-0.51 -3.22%
Volume: 8.34M
Nov. 15, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.33 billion
Rev. per Employee
$115,039
loading...
/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 20.29
-0.67 -3.20%
Volume: 2.08M
Nov. 15, 2019 4:23p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.06 billion
Rev. per Employee
$150,142
loading...
/zigman2/quotes/207737284/composite
US : U.S.: NYSE
$ 179.65
-3.21 -1.76%
Volume: 1.85M
Nov. 15, 2019 6:30p
P/E Ratio
46.58
Dividend Yield
1.67%
Market Cap
$34.01 billion
Rev. per Employee
$842,260
loading...
/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 16.80
-0.39 -2.27%
Volume: 1.38M
Nov. 15, 2019 8:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,120.46
+23.83 +0.77%
Volume: 1.87B
Nov. 15, 2019 5:04p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.