Canopy Health Innovations brought in-house
Canopy Growth (CGC) completed the previously announced acquisition of Canopy Health Innovations Inc. (CHI), including the subsidiary operations of Canopy Animal Health Inc. (CAH). The company believes its strategy of integrating and aligning CHI's clinical platform with the international work of Spectrum Cannabis, will accelerate its comprehensive research programs, build evidence around Canopy products and formulations and ultimately improve patient access to medical cannabis globally.
CHI has built a diversified business focused on unlocking the therapeutic and commercial potential of cannabis for both humans and animals. Incorporating CHI into this ecosystem as a wholly-owned subsidiary will increase efficiencies and unlock the full potential of CHI's significant IP portfolio including 39 patent applications filed with the United States Patent Trade Office.
Later in the week, CHI received approval from the Veterinary Drug Directorate of Health Canada to research the effectiveness of CBD to treat anxiety in certain animals. The research will be conducted by Canopy Animal Health (CAH), a division of Canopy Health which focuses on developing cannabis-based healthcare products for companion animals.
The approval comes in the form of a No Objection Letter for the use of a proprietary CBD enriched oil formulation, previously administered in preclinical dosing and safety studies, as a potential therapy for anxiety. The CBD formulation will be produced by Canopy Growth in its GMP-certified production facility in Smiths Falls, Ontario.
Canopy Animal Health, the global leader in cannabinoid science for pets, continues to build a strong portfolio of safety and dosing data for certain animals which it plans to share with the veterinary community and pet owners, through publications and scientific conferences. Canopy Health continues to focus on the robust research and development of innovative cannabis-related products. Recently, it was announced that Canopy Growth had acquired the remaining unowned interest in Canopy Health, a move that will accelerate efforts to research effective cannabis formulations and dose delivery systems for human and animals.
In addition to its IP portfolio and world-leading Animal Health work, CHI continues to establish strong partnerships with leading researchers around the world, including a recent partnership with the world-renowned Oxford-based Beckley Foundation, resulting in the formation of Beckley Canopy Therapeutics.
We are positive on this news but do not see this as a game changer. It is, however, another statement of intent from Canopy that they are betting big on the medicinal market – and for many areas of the market. The pet industry is a booming industry (just look at the growth in Australian brands such as Petstock and PetBarn) and pet insurance continues to be one of the fastest growing areas for the insurance companies