Business

There’s A $1 Billion Weed Startup Running Out Of A Candy Factory

A $1 billion Canadian marijuana startup, looking to become the first monolith in the marijuana industry, is growing pot out of a former Hershey’s chocolate factory.

Canopy Growth is the largest producer of marijuana on the planet. The company is vertically integrated, meaning it controls everything in its business from production to sales. Products include seeds, traditional, plant-based marijuana and a variety of edible and oil-based options.

Operating out of a 42-acre abandoned Hershey’s chocolate factory located at 1 Hershey Drive in the town of Smith Falls, Ontario, Canopy Growth provides medicinal marijuana to some 40,000 patients–nearly half of all medical marijuana users in the nation.

To diversify its operation, Canopy Growth has a few sub-companies that provide it with an array of products. For example, Tweed, one of the offshoots, provides attractive branding and packaging for Canopy Growth.

The massive marijuana operation sold the equivalent 1,696,440 grams in 2016, up nearly 1.3 million from the previous year, according to Canopy Growth’s annual report. The firm racked in $896 million in legal sales in 2016 alone.

Canadian Prime Minister Justin Trudeau’s government has hinted that it will legalize and regulate the use of marijuana some time this year. Canopy Growth expects its sales to skyrocket to $22.6 billion if Trudeau moves to legalize. Shares of Canadian-based marijuana companies jumped over 7.9 percent after rumors surfaced that the government might move to legalize weed.

Canopy Growth will begin trading on the S&P/TSX composite index later this month under the label “Weed,” Business Insider reports.

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