Canopy announced Wednesday the $28.8-million purchase of Daddy Cann Lesotho PTY Ltd. The facility is in a mountainous area that receives more than 300 days of sunshine a year, has ideal humidity and growing conditions for greenhouse cannabis and low operating costs, said Canopy in a release. “This places Canopy in a growth position to produce large quantities of high quality medical cannabis at a low cost.” [Editor's note: Daddy Cann Lesotho trades as "Highlands."]
Lesotho is well positioned to supply medical cannabis for Southern Africa, said Canopy. The deal means the company now has a presence in nine countries on five continents.
Canopy and other big Canadian cannabis companies are racing to secure global deals as more countries legalize medical marijuana. They are buying cannabis companies outright or making equity investments in them as well as signing supply, licensing and distribution agreements.
