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Canada’s biggest federally licensed medical marijuana producer, Canopy Growth, posted a loss of 16.7 million Canadian dollars ($12.84 million) in the last fiscal year, but it’s all part of the company’s expansion plans.
The Smiths Falls, Ontario-based company has an aggressive growth plan for its production facilities as it tries to position itself to serve Canada’s recreational market when it launches next year, The Globe and Mail reported.
Canopy’s expansion costs in its most recent fiscal quarter were CA$5.4 million, including CA$4.6 million related to the company’s acquisition of Toronto-based licensed producer Mettrum, according to the newspaper.