Canopy Development settles on New York hemp internet site, will start off creating this summer time

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Canadian marijuana giant Canopy Development has selected a little New York town close to the Pennsylvania border as the internet site for its $150 million entrance into the U.S. hemp market place.

Canopy announced Monday it will make an industrial park on a 48-acre house in Kirkwood, New York, about five miles north of the Pennsylvania border.

The house incorporates a 308,000-square-foot facility.

Canopy stated it will start building this summer time on facilities for hemp-derived cannabinoid extraction “and connected manufacturing.”

In January, the corporation announced plans to invest up to 200 million Canadian dollars ($148 million) building the hemp park.

Canopy Development CEO Bruce Linton stated in a statement that the New York industrial park could a single day also be household to “like-minded corporations who share our excitement for the emerging hemp and hemp-derived cannabinoid markets.”

The corporation stated it does not strategy to develop hemp in New York, instead making agreements with farmers to provide the plant with priority offered to New York state farmers.

Canopy Development trades on the New York Stock Exchange as CGC.

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Categories: Briefs, Canada Hemp News, Hemp Cultivation, Processing &amp Extraction News, New York Hemp Small business &amp Legal News

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