Smith Falls, Ontario–based Canopy Growth Corp. made headlines and drove cannabis stocks to new heights over the summer when it announced that Corona brewer Constellation Brands Inc. was going to invest an additional $4 billion in the company.

Billed by both companies as a strategic partnership, the additional $4 billion investment adds to the 9.9% stake that Constellation bought in October of last year and sets the company up to either be bought outright by Constellation — via warrants that could increase its stake to more than 50% — or continue to work with the beverage company to create a range of consumer-focused cannabis products that may one day appear in markets in dozens of countries. In many ways, the massive infusion of cash gives Canopy CGC, -2.26% WEED, -2.16% upper hand on its rivals, which by and large have far less cash on their balance sheets, and do not have the global resources and expertise that Constellation STZ, -2.51% can offer.

Even without the Constellation investment, Canopy, among its rivals, has the largest square footage available to cultivate pot, agreements with every Canadian province to sell its various products and a good story for even the non-investing public: that the company’s outsize growth has rejuvenated Smith Falls — decimated when Hershey Co. HSY, +2.47% pulled its factory from the eastern Ontario town — where it maintains its corporate headquarters and a large cultivation and processing facility. Canopy, in fact, bought the old Hershey building and through its growing workforce is making a significant contribution to the local economy.

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What business is Canopy in: recreational or medical?

Canopy currently generates a substantial portion of its C$77.9 million ($60.1 million) in annual revenue from medical sales and shows no signs of slowing its investments in and plans for that business line in Canada and around the world. But the Constellation investment suggests Chief Executive Bruce Linton and Canopy are undertaking a bold bet on recreational adult use, in Canada and in other countries as they legalize the substance.

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Intellectual property

Canopy says it has filed 82 patents around the world thus far and boasts what it says are state-of-the-art cultivation and processing facilities across the country. One likely source of fresh intellectual property is Canopy Rivers Inc., a venture Canopy Growth spun out earlier this year. Acting as kind of a venture-capital firm, Canopy Growth retains corporate control over the company and will look to leverage what it can from its investments.

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Supply agreements

In Canada, Canopy has signed a deal with each of the country’s 10 provinces and has an agreement with the Yukon territory.

Beyond Canada, Canopy has distribution agreements in three countries — Germany, the Czech Republic and Australia — as well as research centers in Brazil and Australia. It also is building cultivation facilities or applying for licenses or already operating in seven countries outside of Canada. It is also exporting pot to five countries, including the U.S. for a clinical trial. Overall, the company boasts operations in 11 countries on five continents.

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How much weed does it grow and at what cost?

In fiscal 2018, Canopy sold 8,708 kilograms of cannabis and equivalents and harvested 22,513 kilograms. Canopy said it sold pot for C$8.24 per gram, up from C$7.40 per gram in the year-earlier period.

The company said in its annual report that it will no longer report its cost per gram, because that data point calculates the weight of the plant — in the future the company believes that measuring levels of the active ingredients THC and CBD will be more significant; executives also said they believe other more useful indicators will become apparent as recreational use unfolds in Canada. Lastly, Canopy said there is no industry standard for per-gram comparisons.

Overall, the company has 15,726 kilograms of dry pot, 6,696 liters of cannabis oils and 356 kilograms of softgel capsules on hand, according to its annual report. As of October, Canopy says it has 5.6 million square feet of facilities for cultivation, processing, extraction and manufacturing across 10 different sites.

How much pot can it grow?

The company has 3.2 million square feet of production capacity under way in addition to its current capacity.

Canopy Growth shares have gained 131% in 2018, while the S&P 500 SPX, +0.29% has risen 3.5% and the Dow Jones Industrial Average DJIA, +0.19% has edged higher by 2.7%.

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