SMITHS FALLS, ON, May 9, 2016 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or the "Company") (TSX.V: CGC), parent company of
licensed producers Tweed Inc. (Tweed), Tweed Farms Inc. (Tweed
Farms), and Bedrocan Canada Inc., is pleased to announce a
partnership with AusCann Group Holdings Ltd. (AusCann), an early
leader in the nascent Australian medical cannabis industry.
Through this partnership, Canopy Growth will offer its expertise
in a number of areas including production, quality assurance and
operations, and provide strategic advisory services to AusCann in
exchange for an initial 15% ownership stake in the company, as well
as further options. AusCann and Canopy Growth will also aim to work
together in Australian and international markets in a preferential
but non-exclusive arrangement.
"I'm very pleased to enter into this new international
relationship, the first of its kind for a Canadian cannabis
company," said Bruce Linton,
Chairman & CEO, Canopy Growth. "As the Australian government
begins to lay out a framework for legal medical cannabis, AusCann
has the same opportunities and challenges that Tweed and its sister
companies faced several years ago. We have confidence that the
Australian medical cannabis market will grow similarly to
Canada and we think the lessons we
learned in our early days will prove invaluable to the team at
AusCann."
Linton will join the AusCann Board of Directors alongside a
world-class leadership team that combines experts from public
health, policy makers, and medically focused entrepreneurs. Best
practices established at Tweed and Tweed Farms will be shared with
AusCann to produce clean, consistent products that Australians can
trust.
"We chose to work with Canopy Growth because they've established
themselves as leaders in the Canadian and global industry. We are
excited to establish the same success here in Australia," said Elaine Darby, Managing Director, AusCann.
Medical cannabis laws are still being finalized in Australian
Parliament, with final implementation expected late 2016 and
product expected to go to market in 2017.
The agreement with AusCann remains subject to approval by the
TSX Venture Exchange.
Here's to Future (Australian) Growth.
About Canopy Growth Corporation
Canopy Growth is Canada's first publicly traded medical
marijuana company and the first geographically diversified producer
with multiple licenses under the Marihuana for Medical Purposes
Regulations. Through its wholly owned subsidiaries, Tweed, Tweed
Farms, and Bedrocan Canada, the Company operates three
state-of-the-art production facilities in Ontario and
distributes marijuana across the country to Canadian patients
managing a host of medical conditions. The Company is dedicated to
educating healthcare practitioners, providing consistent access to
high quality medication, conducting robust clinical research, and
furthering the public's understanding of how marijuana is used for
medical purposes. www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
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or state that certain actions, events or results "may", "could",
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Forward-looking statements involve known and unknown risks,
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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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Canopy Growth Corporation