Canada will legalize recreational marijuana in 2018, so you'd think most cannabis companies in the country would be focused on the impending boom. But it turns out one major marijuana producer has their sights set elsewhere: Denmark.
Canopy Growth, Canada's largest licensed marijuana producer, announced plans to open a 40,000 square meter (that's over 400,000 square feet, for non-metric system readers) facility in Odense, Denmark's third-largest city. The new facility is expected to employ over 100 people and serve around 60,000 medical marijuana patients in the city.
"The Danish market is a stable, attractive market for a number of strategic reasons," Bruce Linton, chairman and CEO of Canopy Growth said in a statement. "In Denmark, we see a strong pharmaceutical industry with an equally strong research tradition as well as a skilled labour pool and attractive energy rates."
About 30,000 square meters of greenhouse space is expected to be converted by early 2018, meaning they could begin production only a few months. Until then, Canopy's Danish partners, Spectrum Denmark, will import Canadian cannabis to sell until all the licenses are figured out.
While Canada is set to legalize recreational marijuana in 2018, many companies in the country are already looking abroad to expand operations. Western Europe, the United States and even Brazil are all seen as promising markets to begin exporting product in the near future. So perhaps Canopy's Danish expansion is simply Step 1 in a plan to become a global marijuana producer.
(h/t CTV News)