December 18, 2017 / 3:08 PM / a year ago

Canopy Growth forms JV for greenhouse-grown cannabis

Dec 18 (Reuters) - Canada’s Canopy Growth Corp said it would form a joint venture with privately owned Canopy Rivers Corp and Quebec-based tomato producer Les Serres Stéphane Bertrand to grow cannabis in a tomato greenhouse.

Canopy Growth will give Bertrand C$2.75 million ($2.14 million) worth of shares and Canopy Rivers will contribute C$15 million in cash.

Bertrand has 700,000 square feet of modern greenhouse, which the companies say would begin producing cannabis by May.

Tomato and pepper are the most common choices to convert to weed as they have similar growth requirements and are also grown in greenhouses.

Canada is on track to legalize recreational marijuana by July and the government’s proposed law also permits adults to grow up to four marijuana plants at home.

However, the Quebec government has said it will not allow residents of the province to grow their own marijuana.

Canopy Growth and Canopy Rivers together will own 66.7 percent of the new company and Bertrand will own the remaining.

$1 = C$1.29 Reporting by Taenaz Shakir in Bengaluru; Editing by Maju Samuel

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