Canadian cannabis producer Canopy Growth said Thursday that it will "participate in the American market" now that the 2018 Farm Bill has been signed into law.

Canopy CEO Bruce Linton said in a press release Thursday that "Canopy Growth commends the United States government for passing the Farm Bill, a transformative piece of legislation that will create jobs and meaningful economic impact across the United States."

The farm bill — an $867 billion, five-year spending bill that funds agricultural, nutrition and other federal programs — also loosened some federal restrictions on cannabis. It legalized hemp by removing it from the Controlled Substances Act while preserving the FDA's authority to regulate the products.

"Canopy Growth will participate in the American market now that there is a clear federally-permissible path to the market. Consistent with the spirit of the Farm Bill, Canopy Growth will participate in ways that support American farmers."

Shares of Canopy Growth rallied 1.3 percent in after-hours trading following the announcement.