- Company enters multi-year agreement with Colombia-based Procaps to conduct advanced manufacturing in Latin America
- Spectrum Therapeutics receives new licenses, 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:
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 13.6 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.
SOURCE Canopy Growth Corporation