SMITHS FALLS, Ontario,
June 17, 2019 /PRNewswire/ -- Canopy
Growth Corporation ("Canopy Growth" or the "Company")
(TSX:WEED)(NYSE:CGC) is pleased to highlight recent developments
that are fueling its international progress in emerging medical
cannabis and CBD markets. The Company's global three-prong strategy
includes a focus on building best-in-class global GMP (Good
Manufacturing Practices) infrastructure, advancing clinical
research programs and best-in-class education and sales programs
through its Spectrum Therapeutics medical division, and launching
CBD products where regulatory environments allow. Recent highlights
include:
Latin America:
Furthering access to these new markets, Canopy Growth has
entered into a multi-year agreement with Procaps S.A.S ("Procaps"),
a global company based in Colombia. Procaps develops, manufactures,
and markets over-the-counter medications and nutritional
supplements for a number of international pharmaceutical companies.
Procaps exports to more than 50 international markets, including
highly regulated jurisdictions such as the United States, where they are GMP
certified by the US Food and Drug Administration ("US-FDA").
Through the agreement, Canopy Growth will leverage Procaps'
industry-leading formulation and encapsulation capacity, which is
especially critical in serving Latin American markets where there
is a strong regulatory preference for oil-based products, including
softgels. The agreement covers a number of different product
formats.
In Colombia, Canopy Growth is licensed to
produce over 13.6 million sq. ft. of THC or CBD dominant cannabis,
making its Neiva license one of the largest in the world and
positioning the Company to meet the emerging regional demand for
medical cannabis and CBD products. While only a portion of the
cultivation area is in use, the Company will scale operations as
market demand dictates. The Company has also completed
compassionate sales of Canadian-produced Spectrum Therapeutics
products to
both Chilean and Brazilian patients,
validating the potential of serving patients through an import
model while its Latin America
operations scale and regional regulations advance to support
greater market access.
Asia-Pacific:
In Australia, Spectrum Therapeutics received
its first shipment of medical cannabis oil in April 2019 and shortly thereafter began sales to
medical cannabis patients in May
2019. The medical market is expanding in Australia as regulations mature and patients
have greater access to medical cannabis. Country-wide patient
registrations have increased tenfold over the last year to more
than 1,300 today. Spectrum Therapeutics intends to support
Australian patients through imports until its domestic facilities
are fully operational. Construction of its Victoria-based greenhouse and post-production
facility is currently underway.
Europe:
In Denmark, Spectrum Therapeutics received
the necessary licensing from the Danish Medicines Agency for its
Odense facility, allowing the
Company to grow, harvest, export and sell medical cannabis in dried
flower form. To its knowledge, Spectrum Therapeutics is the first
Canadian company to receive a federal production licence in
Denmark. The facility, certified
in both Good Agricultural and Collection Practices (GACP) as well
as GMP designations, is the backbone of the Company's regional
supply chain and will support the growing demand for Spectrum
Therapeutics products across Europe. Additionally, following its
acquisition of a licence to grow and produce cannabis
in Spain,
the Company is actively developing plans for its second site in
Europe.
The Company also continues to integrate the recent strategic
acquisitions of German-based Storz & Bickel, a global leader in
medical device and vaporizer technology, German-based C3
Cannabinoid Compound Company, a leading European producer of
Dronabinol, and UK-based ThisWorks. Integration of these global
leaders into the Canopy product offering and global sales structure
will increase revenues, accelerate intellectual property
development, and further advance and expand clinical research.
Africa:
In Lesotho, Spectrum
Therapeutics has been granted a medical production licence covering
two facilities in the country, including 21 million sq. ft. of
outdoor grow space and 322,000 sq. ft. of indoor, outdoor and
greenhouse space combined, respectively, where CBD dominant and
CBD-THC balanced varieties can be cultivated. With these licensed
areas, Spectrum Therapeutics to its knowledge now owns one of the
largest legal outdoor CBD cultivation sites on the continent of
Africa, some of which is currently
operational.
Spectrum Therapeutics has also acquired 12 hectares of land
located in the Atlantis Economic Zone in the city of Cape Town in order to establish licensed
production operations in South Africa. The Company has submitted
the necessary applications for a cultivation and post-harvest
processing facility licence, which will complement its current
production capabilities in Lesotho.
For years, Canopy Growth has taken the long-view, leveraging its
substantial cash position to lay the foundation for a global,
revenue-generating network. These latest milestones, from
world-wide land acquisitions and partnerships, facility
developments, licence accreditations, crop cultivation - and sales
- validate the Company's efforts and strategic investments,
strengthening its position as the global leader, poised to
capitalize on emerging markets.
Wondering about North America? Stay tuned for further
updates in the coming days.
Here's to Future Growth (on the global stage).
https://www.facebook.com/canopygrowth/
https://twitter.com/CanopyGrowth
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading
diversified cannabis, hemp and cannabis device company, offering
distinct brands and curated cannabis varieties in dried, oil and
Softgel capsule forms, as well as medical devices through Canopy
Growth's subsidiary, Storz & Bickel GMbH & Co. KG. From
product and process innovation to market execution, Canopy Growth
is driven by a passion for leadership and a commitment to building
a world-class cannabis company one product, site and country at a
time. Canopy Growth has operations in over a dozen countries across
five continents.
Canopy Growth's medical division, Spectrum Therapeutics is
proudly dedicated to educating healthcare practitioners, conducting
robust clinical research, and furthering the public's understanding
of cannabis, and has devoted millions of dollars toward cutting
edge, commercializable research and IP development. Spectrum
Therapeutics sells a range of full-spectrum products using its
colour-coded classification Spectrum system as well as single
cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo
Smoke banners. Tweed is a globally recognized cannabis brand which
has built a large and loyal following by focusing on quality
products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange
and New York Stock Exchange to our continued international
expansion, pride in advancing shareholder value through leadership
is engrained in all we do at Canopy Growth. Canopy Growth has
established partnerships with leading sector names including
cannabis icons Snoop Dogg and Seth
Rogen, breeding legends DNA Genetics and Green House Seeds,
and Fortune 500 alcohol leader Constellation Brands, to name but a
few. Canopy Growth operates eleven licensed cannabis production
sites with over 4.7 million square feet of production capacity,
including over one million square feet of GMP certified production
space. For more information
visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward-looking information" within the
meaning of applicable Canadian securities legislation. Often, but
not always, forward-looking statements and information can be
identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "estimates", "intends", "anticipates"
or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements or information involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Canopy Growth or
its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements with
respect to international operations and expansion. Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information, including
the Company's ability to satisfy provincial sales contracts or
provinces purchasing all cannabis allocated to them, and such risks
contained in the Company's annual information form dated
June 27, 2018 and filed with Canadian
securities regulators available on the Company's issuer profile on
SEDAR at www.sedar.com. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information or forward-looking statements in this news release are
reasonable, undue reliance should not be placed on such information
and no assurance can be given that such events will occur in the
disclosed time frames or at all. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
Caitlin O'Hara
Media Relations
Caitlin.Ohara@canopygrowth.com
+613-291-3239
Investor Relations
Tyler Burns
Tyler.Burns@canopygrowth.com
+855-558-9333 ext. 122
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SOURCE Canopy Growth Corporation