Canadian cannabis giant buys Pennsylvania-based hemp company

The Associated Press
Hemp fiber in a 1994 file image. (Geraldine Wilkins/Los Angeles Times/TNS)

READING – A Canadian cannabis business giant has bought Pennsylvania-based hemp company AgriNextUSA as part of a plan to build up its hemp reach in the U.S.

The Philadelphia Inquirer reports Canopy Growth Corporation is planning to build a series of industrial hemp parks across the country, including Pennsylvania, as part of its expansion plan.

AgriNextUSA head Geoff Whaling says the hemp parks will include textile mills and cannabidiol, or CBD, extraction facilities.

He says he will be reaching out to farmers to encourage them to grow the hemp crop.

Hemp can be used for many commercial items including paper, clothing, paint and more.

The Ontario-based corporation is the world’s largest cannabis company with a market capitalization of $15.7 billion.