- Company enters multi-year agreement with Columbia-based
Procaps to conduct advanced manufacturing in Latin America
- Spectrum Therapeutics receives new licences, certifications,
and sales in international jurisdictions to advance Canopy Growth's
global leadership position and build new revenue markets
- Company Now Licensed for over 35 million Square Feet of
Production across Europe,
Africa and South America
SMITHS FALLS, ON, June 17, 2019 /CNW/ - 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 13.5 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.
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SOURCE Canopy Growth Corporation