— Canopy Growth Corp. has signed a joint-venture deal with Les Serres Stephane Bertrand Inc., a large-scale tomato greenhouse operator in Quebec. The joint venture will lease a greenhouse used for tomatoes and other vegetables from Bertrand that will be upgraded and retrofitted for cannabis production by April 2018. Canopy has agreed to issue Bertrand $2.75 million in shares in four equal tranches, based on certain milestones. To fund the development of the joint venture, Canopy’s Canopy Rivers subsidiary will also contribute $15 million in cash and Canopy has agreed to buy all of the cannabis produced during an initial term. Canopy and its Canopy Rivers subsidiary will own a two-thirds stake in the joint venture, while Bertrand, which will operate the joint venture, will hold the remaining third.

Source: National Post December 18, 2017 14:48 UTC