SMITHS FALLS, ON, Dec. 21, 2016 /CNW/ - Canopy Growth Corporation
(TSX:CGC) ("Canopy Growth" or "CGC") is pleased to announce that
the recently formed Canopy Health Innovations ("CHI" or the
"Corporation"), has closed an offering to sell common shares in the
Corporation for gross proceeds of approximately $7 million. CHI will use the proceeds to
establish general operations and begin clinical research (in
partnership with licensed third parties, including Canopy Growth)
into the effectiveness of clinically ready whole plant cannabis
drug formulations and dose delivery systems on specific
indications.
CHI will operate as a pure research incubator and is
strategically positioned and focused on creating an IP portfolio
that can be built into commercial opportunities for CGC and its
subsidiaries.
Pursuant to agreements entered into between CHI and CGC, CGC and
its subsidiaries will work closely with CHI whereby CGC will act as
a primary supplier of cannabis products for clinical research, as a
research partner through its subsidiary Tweed Inc., which recently
acquired a Controlled Drugs and Substance Dealer's License from
Health Canada, allowing it to, among other things, possess cannabis
and cannabis by-products for the purposes of analytical testing,
and in the commercialization of IP created by CHI.
"Canada is in a unique
leadership position with respect to cannabis research and cannabis
IP," said Bruce Linton, the Chairman
of CHI and Chairman & CEO of CGC. "Our intention with CHI is to
build an extension of the business that is dedicated to product
specialization. By defining, in clinical terms, how to apply
specific cannabis profiles and delivery systems to certain
conditions we can drive physician acceptance and grow the market at
the same time."
CGC is also pleased to announce that Marc Wayne will join CHI as founding President
and Director. Marc is well regarded as a pioneer in the Canadian
medical cannabis field having both co-founded Bedrocan Canada, one
of Canada's first licensed
producers and the Cannabis Canada Association (formally CMCIA),
acting as its founding Chair. Marc was also instrumental in helping
develop the Canadian Consortium for the Investigation of
Cannabinoids (CCIC) and turning it into a global innovator in
education and research on the medical uses of cannabis. With his
years of start up and executive management experience, Mr. Wayne is
ideally suited to lead this health and research focused enterprise
during this critical time for cannabis research.
"This is a very exciting time for cannabis research and the
possibility to take whole plant cannabis therapies to another
level," said Marc Wayne.
"Canada is well positioned with
its current regulatory environment to lead in this area. The calls
for more research into cannabis have been heard, and I am honored
to have the opportunity to lead CHI as a credible first mover into
this area."
Effective upon the closing of the offering, Mr. Wayne has
resigned his position as Managing Director of Canopy Growth
Corporation and as President of Bedrocan Canada Inc. in order to
focus his attention on CHI. The Canopy Growth Corporation
management team and Board of Directors wishes to deeply thank
Marc Wayne for his instrumental role
in forming Canopy Growth Corporation and his dedication to medical
cannabis, work which will continue and accelerate at CHI.
CHI is currently owned in part by Canopy Growth Corporation
(TSX:CGC), and private investors. The corporate vision of CHI is to
increase the understanding of cannabis based therapies through
research, drive product innovation and build intellectual property
in the medical cannabis industry.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a
world-leading diversified cannabis company, offering diverse brands
and curated cannabis strain varieties in dried and oil extract
forms. Through its wholly‑owned subsidiaries, Canopy Growth
operates numerous state-of-the-art production facilities with over
half a million square feet of indoor and greenhouse production
capacity. Canopy Growth has established partnerships with
leading sector names in Canada and abroad. For more
information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
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or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of
such statements include future operational and production capacity,
the impact of enhanced infrastructure and production capabilities,
and forecasted available product selection. The
forward-looking statements included in this news release are made
as of the date of this news release and Canopy Growth Corp. does
not undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation