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Canopy Growth Announces Joint Venture to Convert 700,000 Square Feet of Existing Greenhouse in Quebec

Published: 12/18/2017

Team: John P. Vettese, Jonathan Sherman, Amanda Metallo, Stéphane Teasdale

On December 18, 2017, Canopy Growth Corporation and Canopy Rivers Corporation entered into a definitive joint venture agreement to form a new company, Les Serres Vert Cannabis Inc. (“Vert Mirabel”), together  with Les Serres Stéphane Bertrand Inc. to develop a greenhouse growing facility in Mirabel, Quebec. Vert Mirabel will lease the 700,000 square foot facility and has an option to acquire the property.
 
To fund the development of the joint venture, Canopy Rivers will contribute, in multiple tranches, an aggregate of $15 million in cash (of which approximately $750,000 was advanced at closing), in exchange for Class A Preferred Shares with cumulative preferred dividends.
 
Cassels Brock acted for Canopy with a deal team composed of John Vettese, Jonathan Sherman and Amanda Metallo (Business, Securities, Cannabis and M&A) and Stéphane Teasdale (Business).