Full Press Release Details
Canopy Growth provides update on international
operations and activities
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
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:
Therapeutics receives new licences, certifications, and sales in international jurisdictions to advance Canopy Growth's global
leadership position and build new revenue markets (CNW Group/Canopy Growth Corporation)
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.
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.
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.
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).
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