TORONTO, Nov. 23, 2016 /CNW/ - Canopy Growth
Corporation (Canopy Growth) (TSX: CGC) is pleased to provide the
following update to its June 28, 2016 release on both the
joint venture announcement with Entourage Phytolab
(Entourage) and the formation of Bedrocan Brasil (Bedrocan
Brasil), both companies partly owned by Canopy Growth
Corporation.
First Export to South
America
Canopy Growth's wholly-owned subsidiary Bedrocan Canada Inc.
(Bedrocan Canada), has successfully exported 10 kg of dried
cannabis to Brazil for research
purposes. Securing a supply of standardized research grade cannabis
is a major milestone in the Entourage clinical development plan and
marks the first time to the Company's knowledge that medicinal
cannabis from a Canadian Licensed Producer has been exported to
South America.
Entourage will now begin clinical study drug preparation and
stable pharmaceutical formulations needed for the development of a
whole plant drug candidate targeting epilepsy and pain management
for registration before the Brazilian health authority ANVISA
anticipated in 2018.
"Brazil is an exciting
international market for us," said Bruce
Linton, Chairman and CEO of Canopy Growth. "Research will
form the basis of a broader medicinal cannabis regime in the
country and we are proud to be driving this innovation
forward."
Initial Funding Secured
Canopy Growth, Entourage and Bedrocan Brasil have completed an
initial funding round of $3 million
USD in exchange for common shares in Entourage and Bedrocan
Brasil. These funds will be used both for the continuing
development of Bedrocan Brasil and the launch of the Entourage
clinical research plan.
"I am extremely pleased by the early and steady progress in
Brazil for both Bedrocan Brasil
and Entourage," said Caio Abreu, CEO
of Entourage and Bedrocan Brasil. Since our launch only 4 months
ago, we are fully on track with our goals of ensuring we can
deliver Brazilian patients with world class cannabis-based
medicines made and registered in Brazil."
In addition, Entourage can now announce that Antonio Droghetti Neto has joined its Board of
Directors. Mr. Droghetti is an economist and business administrator
with expertise and broad experience in structuring start-up stage
companies. He was the Vice President of Grupo Silvio Santos, CEO of Inframérica,
concessionaire of the airport of Brasilia, and CEO of Lifemed, a company that
develops products for hospitals and the health sector.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is publicly traded on the TSX and a leading
diversified producer of medical cannabis through its wholly owned
subsidiaries Tweed, Bedrocan Canada, and Tweed Farms. The Company
operates a collection of diverse brands and curated strain variety,
supported by over half a million square feet of indoor and
greenhouse production capacity.
Forward-Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements 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 involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
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. The
forward-looking statements included in this news release are made
as of the date of this news release and Canopy Growth 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 the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in policies of the Toronto Stock
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Canopy Growth Corporation