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Berks hamp business bought by Canadian firm



Canopy Growth Corp. will invest $ 100 million to $ 150 million in a hemp operation that says it will create jobs and have positive local economic implications.

Canopy Growth Corps Canadian cannabis industry has acquired Maidencreek Township-based AgriNext USA in a move that can unlock the growth of the hemp industry in the United States

AgriNext USA is a holding company focused on cultivating industrial hemp, a nonintoxicating plant related to marijuana that has been used in everything from textiles and building materials to food and food products.

As part of the agreement, Canopy can call AgriNext CEO Geoff Whaling as his new strategic advisor.

The Canadian-born whaling, a former Indy racer promoter in Ontario and a leading American lawyer for the hemp industry, has worked hand in hand with Canopy since 201

3.

The acquisition, Whaling said then reached Friday, is kind of all the pieces of the puzzle coming together. "[19659003] In a press release, Canopy said AgriNext and Whaling have been at the forefront of the hemp defense.

Whaling said in the Canopy release that" hemp has the potential to become a multibillion-dollar industry that will increase the US economy for generations coming. "

The acquisition, the company said," will accelerate Canopy Growth's entry into key US jurisdictions as regulations for the full use of hemp as a crop begins to be implemented, thanks in part to the recently adopted 2018 US Farm Bill. "

The newly merged companies are planning to create hemp industrial parks where hemp can be traced through a production cycle and used by other companies within the complex.

Whaling said that American farmers would benefit from a model that provides a single, regional destination for hemp crops and connects them to researchers, entrepreneurs and innovators whose ideas will turn crops into new products and industries.

Such a park is planned for construction near Binghamton, NY

The company will invest $ 100 million to $ 150 million in A hemp operation that says it will create jobs and have positive local economic impacts

Gov. Tom Wolf signed the law in April 2016 and made Pennsylvania the 24th state to adopt comprehensive medical marijuana legislation, dispensaries began selling medical cannabis in February 2018. It is still illegal to grow for personal use.

Pennsylvania allows industrial hemp In July 2016, Gov. Tom Wolf legislation that legalized the cultivation and production of industrial hemp for research purposes, according to Medicalmarijuanainc.com.

Contact Jeff McGaw: 610-371-5071 or jmcgaw@readingeagle.com. [19659017]! function (f, b, e, v, n, t, r)
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