(RTTNews) - Canopy Growth Corp. (WEED.TO, CGC) Monday said it has been granted a license by New York State to process and produce hemp.

The company expressed its thanks to Governor Andrew Cuomo and U.S. Senator Charles Schumer, who were instrumental to get the license.

Canopy Growth will establish within the Hemp Industrial Park large-scale production capabilities focused on hemp extraction and product manufacturing within the United States.

Depending on Board approval of a specific site, Canopy Growth intends to invest between $100 million and $150 million in its New York operations, capable of producing tons of hemp extract on an annual basis.

"Canopy Growth's $100-$150 million investment in the Southern Tier is a true win-win - for Canopy Growth, who will be positioned at the forefront of Upstate New York's industrial hemp revolution, and for the Southern Tier's economy and farmers, which will receive a major shot in the arm in new good-paying jobs," said Senator Schumer.