Saskatchewan Liquor and Gaming Authority selected Canopy Growth Corporation (TSX:WEED) to apply for five cannabis retail permits
SmallCapPower | June 5, 2018: Canopy Growth Corporation (TSX:WEED) Friday announced that it has been selected by the Saskatchewan Liquor and Gaming Authority to apply for five cannabis retail permits, allowing the Company to operate cannabis retail locations in Saskatchewan to serve the adult market following recreational legalization in Canada. The permits also provide the ability to serve the entire province through an online store. The five retail sites will be located at Humboldt, Meadow Lake, the Rural Municipality of Corman Park, Melville, and Fort Qu’Appelle.
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The provincial retail agreement is the third for Canopy Growth and follows similar agreements with Manitoba and Newfoundland & Labrador. In February 2018, Canopy Growth and its partner Delta 9 were selected by the Government of Manitoba to operate a number of cannabis retail locations in the province. In December 2017, Canopy Growth inked a supply and retail agreement with Newfoundland & Labrador for the supply of 8,000 kg of cannabis annually and received permits to operate four retail locations.
Currently operating a ACMPR-licensed Tweed Grasslands facility in Yorkton, Saskatchewan, Canopy Growth was selected to apply for permits following the completion of a two-stage process (initial screening for capacity + inventory tracking & reporting). This was followed by a random selection of qualified applicants through a lottery.
Read: Canadian Cannabis Stocks That Are Top Takeover Targets
In other news related to Canopy Growth, Greenstar Canada Investment Limited Partnership, an affiliate of Constellation Brands, Inc., announced on Friday that it has become the beneficial owner of 9,438,450 additional common shares of Canopy Growth, increasing its total beneficial ownership to 28,315,351 shares, or 14.1% of the issued and outstanding common shares of Canopy Growth. Greenstar further announced that it will become the beneficial owner of an additional 9,438,450 common shares on December 3, 2018, which will further increase its total ownership to 18.8% of the issued and outstanding common shares.
Canopy Growth is the world’s largest cannabis producer and the most valued cannabis company in Canada with a market cap of $7.5 billion, or 108.0x its TTM sales of $69.8 million.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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