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Cannabis producer Canopy Growth pops after receiving a license to process hemp in New York (CGC)

Cannabis producer Canopy Growth pops after receiving a license to process hemp in New York (CGC)
REUTERS/Chris Wattie



Canopy Growth announced Monday that it has received a license from New York state to process hemp, a source of the popular ingredient cannabidiol.




The Canadian marijuana producer intends to invest $100 million to $150 million in an operation site in the southern tier of New York, its first extraction and processing facility outside Canada.




Canopy is entering into the US market one month after President Donald Trump signed the US Farm Bill into law, legalizing hemp.




Watch Canopy Growth trade live.




Canopy Growth was up 8.18% at $41.40 a share Monday after the company said it has received a license from New York state to process and produce hemp, a source of the popular ingredient cannabidiol, or CBD.
The Canadian marijuana producer intends to invest $100 million to $150 million in an operation site in the southern tier of New York, a part of its plan to establish a Hemp Industrial Park that can achieve large-scale production capabilities focused on hemp extraction and product manufacturing within the US. The New York site will become Canopy's first extraction and processing facility outside Canada, according to the company.
"Canopy Growth was founded to drive innovation within the cannabis and hemp industries," said Chairman Bruce Linton in a press release. "In New York we see an opportunity to create products that improve people's lives.
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