An Australian cannabis company says it has purchased a Canopy Growth Corp. property in Europe.
Perth-based Little Green Pharma Ltd. says it has acquired a medicinal cannabis cultivation and manufacturing facility in Denmark from the Smiths Falls, Ont. company.
Little Green Pharma says it paid $20-million for the facility, which is located in Northern Odense and has the capacity to produce in excess of 12 tonnes of flower a year.
Canopy told its Danish workers in March that it was considering ceasing operations at the site because the company is able to serve global medical markets with existing Canadian production.
A spokesperson told The Canadian Press at the time that the facility closure was an important element in aligning the company with market demand and creating a path to profitability.
Canopy has spent most of the COVID-19 pandemic engaged in a restructuring that has involved laying off at least 1,000 employees.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.