Canopy Growth provides an update on its continued expansion throughout Europe, including the company's new medical cannabis contract in Luxembourg.
SMITHS FALLS, ON – OXFORD – FRANKFURT —Canopy Growth Corporation (TSX:WEED, NYSE:CGC) ("Canopy Growth" or the "Company"), is pleased to provide updates on key developments in the United Kingdom ("UK") and Luxembourg. In these countries, the Company's pharmaceutical business, Spectrum Therapeutics, continues to expand its sophisticated, pan-European cannabis production and distribution network serving the needs of physicians and their patients. Canopy Growth is committed to transforming healthcare in Europe by providing better access to medical cannabis treatments that have the potential to improve the lives of millions of patients.
In the UK, Spectrum Therapeutics has received licences from the Medicines and Healthcare products Regulatory Agency ("MHRA") and Home Office to store and distribute cannabis-based medicinal products ("CBMPs"). The first of its kind facility in the UK is designed to reduce prescription delivery time, a key development as the company establishes its footprint in the UK. The licence also allows the company to import CBMPs to the UK directly from Spectrum's European and global networks, optimizing its supply chain and reducing overheads, without need for third-party suppliers.
Cosmo Feilding Mellen, Managing Director, Spectrum Therapeutics in the UK, said "Medicinal cannabis has been available in the UK for less than twelve months, and in that time, we have established cost-effective UK infrastructure to meet the needs of patients."
Continued Mellen, "We are delighted to have been granted licences from both the MHRA and Home Office in order to provide a solution to one of the most significant barriers for access in the UK. We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework that exists."
Spectrum Therapeutics passed a rigorous preliminary inspection from the MHRA to receive a licence. The company will continue to work closely with the MHRA and the Home Office to maintain the agreed terms, ensuring that CBMPs can be stored at volume in the UK under the highest standards of practice.
Spectrum Therapeutics has become the exclusive supplier of medical cannabis to the Grand Duchy of Luxembourg ("Luxembourg"). The contract will see Luxembourg receive medical cannabis from Spectrum's licensed facilities in Denmark and around the world until December 31, 2021.
In 2018, the Government of Luxembourg unanimously passed a law to decriminalize medical cannabis for patients with severe unmet needs. Under the new legislation, general practitioners and specialist medical professionals who have undertaken specific training are able to prescribe cannabis to eligible patients in Luxembourg. Patients with severe needs include those living with cancer, neuro-degenerative, chronic and painful diseases.
We are proud to share news of this decision from the government of Luxembourg, connecting patients to medicine supplied through our European platform. Paul Steckler, Co-Managing Director of Europe, Canopy Growth
Steckler went on to say that "Luxembourg is a country with big ambitions when it comes to medical cannabis, and we are excited to have earned the opportunity to supply this new market."
Canopy Growth has received all authorizations required to import medical cannabis into Luxembourg and has completed the first shipment of medicinal cannabis to Luxembourg's Division de la Pharmacie et des Medicaments.
Here's to Future Growth (in Europe).
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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.
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