FREDERICTON– Ontario-based Canopy Growth Corporation announced they’ve entered into a memorandum of understanding (MOU) with the province of New Brunswick to guarantee the supply of cannabis products into the province.
The products will be sold retail stores operated by a crown corporation newly formed by the New Brunswick government, said Canopy. The provincial government is making an announcement related to the province’s approach to the sale and distribution of adult-use recreational cannabis on Friday at 1 p.m. at the Delta Beausejour Hotel in Moncton.
Moncton-based Organigram has also signed an MOU with the province to distribute marijuana for the recreational market in N.B.
The two-year supply agreement, including 4,000,000 grams of cannabis and cannabis derivative products for the first year, is expected to have an estimated retail value of $40-million in its first year.
“New Brunswick has led the country in its efforts to attract cannabis jobs and investment and Canopy Growth is proud to be utilizing local trades and to hire in New Brunswick for the site we are establishing in Fredericton,” said Mark Zekulin, president of Canopy Growth, in a release.
“Today we take the next step towards the future of cannabis in New Brunswick with a truly historic MOU. We are excited to bring high quality brands like Tweed, Leafs By Snoop, DNA Genetics, as well as a number of the best independent craft grow cannabis producers across Canada to the people of New Brunswick through this arrangement.”