FRESHWATER, N.L. — A Toronto company licensed to grow medical cannabis has announced its plan to set up a new facility in Freshwater, Conception Bay North.
FSD Pharma announced details of its plan in a news release issued Thursday, July 12. The company intends to invest $40 million in Newfoundland and Labrador, with the first announced phase of those plans being a 45,000-square-foot production facility in Freshwater, an unincorporated community nestled between Carbonear and Victoria. The company said this will create 200 local, management and construction jobs in the area. A second phase would reportedly expand the indoor growth facility to 300,000 square feet.
The company has purchased a 51 per cent share in Atlantic Island Cannabis, now renamed FSD Atlantic Pharma Inc.
FESH Pharma said in the release the Freshwater site will be leased, though an option is available to eventually purchase it for $1.5 million. The closing date for the purchase of the shares in Atlantic Island Cannabis, valued at $6.5 million, is Aug. 31.
