LiveWell Foods and Canopy Growth Corporation (including Canopy River) announced last week that they have reached a strategic agreement to accelerate the development and commercialization of LiveWell’s projects in Ottawa, as well as the project at the industrial park located in Litchfield in the Pontiac. Together, these large-scale projects represent more than 1,500,000 square feet of future infrastructure dedicated to the production and processing of cannabis.
Canopy Growth said it remains on the lookout for synergistic and mutually beneficial opportunities to support emerging industry players by providing strategic advisory services and financial support. Canopy Growth Co-Founder Sean McNulty said they would collaborate to accelerate the marketing for LiveWell and distribute their products.
An April 5 press release states that Canopy will provide LiveWell with high quality cultivars for its first production cycle, specialized advisers, support for compliance to meet standard operating procedures as well as other forms of strategic and financial support required to help LiveWell’s facilities become licensed and fully operational. Once licensed, LiveWell will also be able to launch its brand by using Canopy Growth’s extensive distribution network, which includes Tweedmainstreet.com, the largest registered patient network in the industry, as well as its many outlets for retail sale of cannabis for recreational purposes.
LiveWell CEO, Seann Poli stated that through the partnership with cannabis industry leaders Canopy Growth and Canopy Rivers, LiveWell is in a position to implement its ambitious growth projects with efficiency and speed.
As part of this agreement, Canopy Growth and Canopy Rivers will receive LiveWell shares. LiveWell and Canopy have also entered into a purchase agreement for cannabis produced at the Ottawa facility. LiveWell will be able to obtain up to $ 20,000,000 in financial loans from Canopy Rivers.
Overview of LiveWell Foods Canada
LiveWell is a vertically integrated cannabis production company whose capabilities cover the entire manufacturing process, from planting seeds to selling products. They currently have two large-scale cannabis greenhouse construction projects covering a total area of over 1,500,000 square feet. In addition to producing dried buds and oils, the company’s technology allows it to produce extracts and isolate specific dosage formulations, for sale in future markets for recreational cannabis as well as edibles. LiveWell also distributes hemp products in bulk.
Pontiac Project Overview (Litchfield, Quebec)
The Pontiac’s 500-acre site is set up with the good sustainable development, innovation, investment and partnership support. It is ideally located on the edge of the Ottawa River, northwest of Gatineau, Quebec, one hour from the city, and receives an abundant supply of water and electricity at some of the most competitive rates in North America. The site will house a global innovation center and a facility dedicated to the research and development of cannabis and hemp, allowing the creation of accurate dosage products for the markets of medicinal, pharmaceutical, nutraceutical and recreational cannabis. In total, the project will cover an area of one million square feet of greenhouses. The construction of the first 100,000 square feet has already begun.