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Ontario cannabis company purchases former Canopy Growth facility in New Brunswick

Nov 16, 2022 | Media Partners, The GrowthOp

This post is presented by our media partner The Growth Op
View the original article here.

Transaction will reportedly add 70 jobs to the area

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Ontario-based Purplefarm Genetics is breathing new life into a shuttered cannabis production facility in New Brunswick.

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The former Canopy Growth facility was closed in December 2020 as part of company restructuring efforts.

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Jonah Clifford, chief operating officer of Purplefarm Genetics, said the company is “excited to return the facility to operations and to make our mark in the Fredericton community,” reports Huddle Today, citing a company press release.

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According to Purplefarm, the Fredericton facility has nearly six times the annual production capacity of its current cultivation site in Ontario and will add 70 jobs to the area.

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The sale price was not released, but that facility was reported to be worth $40 million dollars in 2019 when Canopy announced the grand opening.

The Fredericton facility previously manufactured the company’s Tweed brand of recreational cannabis and had 63 employees, reports CBC.

The site was closed alongside four other Canopy Growth locations across Canada in 2020, impacting about 22o workers, a little over two weeks before Christmas. The closures reduced Canopy’s indoor cultivation efforts by about 17 per cent and concluded all of its outdoor growing capacity in Canada.

Purplefarm was approved for cultivation, processing and medical sales in November 2020. On its website, the company notes it has 20 years of growing experience and focuses on “differentiated, non-irradiated cannabis products.”

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Earlier this year, Purplefarm announced it entered into a business partnership with Mike Tyson’s cannabis company, Tyson 2.0, to bring “innovative, craft cannabis products, develop curated content and create a customized brand strategy across Canada.”

“The partnership with Purplefarm Genetics is a major milestone for Tyson 2.0. Our Canadian presence further solidifies our mission to bring only the best flower to cannabis consumers,” Adam Wilks, CEO of Tyson 2.0, said when that deal was announced.

In its press release, Purplefarms touted New Brunswick as “an excellent place to do business in the cannabis sector.”

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