Canada-based Canopy Growth Corp. is reportedly spending up to $150 million to build its first production facility in the U.S. after it was granted a hemp license by New York state.
According to Bloomberg, the U.S. farm bill legalized hemp and hemp-derived cannabidiol last month, and Canopy said Monday it’s been granted a license by New York to process and produce hemp and plans to establish a hemp industrial park in the state focused on extraction and product manufacturing.
“I applaud the political leadership at the federal and state level that has allowed today’s announcement to become reality,” Canopy Chief Executive Officer Bruce Linton said in a statement.