Canopy Growth Corp. invest $ 100 million to $ 150 million for a hemp operation that says it will create jobs and have positive local economic implications.
The Canopy Growth Corps Canadian Cannabis Company has acquired Maidencreek Township-based AgriNext USA in a move that can help unlock the growth of the hemp industry in the United States
AgriNext USA is a holding company focused on growing industrial hemp, a nonintoxicating plant related to marijuana that has been used in everything from textiles and building materials to food and nutritional products.
As part of the deal, Canopy is named AgriNext, CEO Geoff Whaling as his new strategic advisor.
The Canadian-born Whaling, a former Indy race car promoter in Ontario and a leading American advocate for the hemp industry, has been working hand in hand with the canopy since 201
The acquisition of Whaling said when they reached Friday is kind of all the pieces of the plaster that comes together. " In a press release, Canopy said AgriNext and Whaling have been at the forefront of hemp slander.
Whaling said in the Canopy release that" hemp has the potential to become a multibillion dollar industry that will increase the US economy for generations to come. "
The acquisition, which the company said, will" accelerate Canopy Growth's entry into important US jurisdictions, as full-use hemp-making regulations are beginning to be implemented thanks in part to the recently adopted 2018 US farm Bill. "
The newly merged companies are planning to create hemp industrial parks where hemp can be traced through a production cycle and used by other companies within the complex.
Whaling said US farmers will benefit from a model that provides a single regional destination for their hemp crops and connect them with scientists, entrepreneurs and innovators whose ideas will turn their crops into new products and industries.
Such a park is planned for construction near Binghamton, NY
The company will invest $ 100 million to $ 150 million $ 19,000 to a hemp operation saying that creates jobs and has positive local economic implications.
Gov. Tom Wolf signed the law in April 2016 and made Pennsylvania the 24th state to adopt comprehensive medical marijuana legislation. The dispensaries began selling medical cannabis in February 2018. It is still illegal to grow for p Personal Use.
Pennsylvania allows industrial hemp farming. In July 2016, Gov. Tom Wolf legislation on growing and producing industrial hemp for research purposes according to Medicalmarijuanainc.com.
Contact Jeff McGaw: 610-371-5071 or [email protected]