Aphria Revs Up Expansion To Meet The Anticipated Demands Of Both Medical & Recreational Marijuana Markets
Video - BNN discusses expansion plans with Vic Neufeld, Chief Executive Officer of Aphria.
Video summary by Marijuana.Ca staff
On July 28, 2016, Aphria announced $25 million in bought deal financing, which was increased to $30 million the next day, and eventually closed at almost $35 million on August 18. In the interview, Mr. Neufeld also pointed out that Aphria has $50 million in its corporate coffer, which will be used to finance the growth of its capacity - needed to meet the demands of a growing medical, and of the upcoming recreational marijuana market in Canada. He stated their expansion plans included the purchasing of their current land of 36 acres and the acquisition of an adjacent 11 acre property. Aphria currently has 45,000 square feet of green house growing capacity, and are on there way to add another 55,000 square feet. This will give them 100,000 square feet of growing capacity, which will produce approximately 6000 kilos of marijuana per year. To build out even further, their future plans include adding another 22 acres, giving them approximately 950,000 square feet of growing capacity and 250,000 square feet of infrastructure space. This capacity is projected to produce approximately 60,000 kilos of marijuana a year, which represents 12 to 15 percent of the approximate $6 billion medical and recreational markets combined.