Canopy Rivers Inc. (OTCMKTS:CNPOF) has announced that Radicle Medical Marijuana Inc. Its portfolio company has been approved by Health Canada to expand its production facility. With the approval, it means the company shall double its production capacity effectively taking its annual production capacity to around 6,000 kilograms.
Radicle experiencing tremendous growth
The CEO and President Narbe Alexandrian indicated that they are delighted with the on-going growth that is happening at Radicle. He added that the cannabis industry is fast growing and has indication similar to the craft beer movement where artisanal and local operators are becoming prosperous in securing strong and reliable customer followings.
Narbe asserted that radicle was doing well in the craft space and it is especially raising the standards in the segment in terms of the distinctive strains that it offers under the Gage brand. It seems like there is no slowing in momentum regarding consumer demand for proprietary brands and products. It is expected that the Health Canada approval will help the company improve on its supply of premium craft cannabis for recreational adult use and medical use markets.
Approval takes Health Canada’s cultivation space to 40,000 sq. ft.
The company’s indoor facility in Hamilton Ontario was first licensed for cultivation at the beginning of last year and it focuses on small-batch cultivation of distinctive genetic strains for its premium Gage cannabis brand. Following the approval by Health Canada Radicle will now have close to 40,000 square feet under indoor hydroponic cultivation.
Radicle is among the twenty-six licensed cannabis producers that the Ontario Cannabis Store picked in a competitive product call for recreational adult-use cannabis sale in retail stores and online. It was one of the exceptional entities that were picked regardless of only having a cultivation license at the time.
Canopy Rivers currently owns around 22% interest in Radicle and it first invested in the company in August 2017. Canopy Rivers is eligible to royalties from Radicle’s cannabis production with an annual payment of around $900,000 for a 20-year term.
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