SMITHS FALLS, ON, June 19, 2017 /CNW/ - Canopy Growth Corporation
(TSX: WEED) ("Canopy Growth" or the "Company"), is pleased to
provide the following significant summary of updates to inform
shareholders and stakeholders of activities and developments across
the global organization.
The Highlights
- Renaming of German subsidiary to Spektrum Cannabis Germany GmbH
and confirmation of ongoing sales of Tweed-branded varieties in
Germany with sales growth
accelerating rapidly month over month.
- Establishment of Spectrum Chile SpA for entry into Chilean
market.
- Tweed and Tweed Farms facilities have received certificates of
Good Manufacturing Practices (GMP).
- Launch of first-to-market easy to consume softgel capsules, now
available in Canada.
- The introduction of our first Craft Grow partner product into
the Tweed Main Street store, now serving over 58,000 customers an
industry-leading variety of 31 available products including seeds,
dried flowers, oils, and softgel capsules across eight diverse
brands.
- Commitment to medical patients that those registered at Tweed
Main Street on July 1, 2018 will have
priority access to cannabis over future recreational
consumers.
- Canopy Rivers – On Friday, June 16th,
2017, Canopy Rivers closed an offering to raise aggregate
gross proceeds of $36,230,485. The
offering was led by GMP Securities L.P. ("GMP" or the "Sole Lead
Agent") and included Cormark Securities Inc., INFOR Financial Inc.,
and PI Financial Corp. (collectively, with the Sole Lead Agent, the
"Agents"). This offering increased the cash resources available for
Canopy Rivers to provide growth capital and strategic support
within the regulated cannabis industry to approximately
$56 million.
For more details, and to understand the how, what, and why
behind what we do, please read on.
Understanding our Vision as a Company
From its inception back in 2012, the management of Canopy Growth
Corporation (then just Tweed) has been steadfastly focussed on
establishing the best brands that genuinely reflect who we and our
partners are; building the diversified capacity to support those
brands in a rapidly growing market; leading the Canadian cannabis
sector with integrity to push the dialogue on cannabis forward; and
creating something uniquely Canadian that we can proudly bring to
the world.
In April 2014, Canopy Growth
became the first cannabis company in North America to be publicly traded. We
followed that with being the first to complete a "bought deal", to
diversify our platform to include both greenhouse and indoor
growing, to acquire a major competitor and to be listed on the
Toronto Stock Exchange. Continuing those firsts, we remain the only
cannabis company to be a member of a major global stock market
index, in this case the S&P/TSX Composite index, and another
capital markets first, investors can now trade options in WEED on
the Montreal Derivatives Exchange.
Away from the markets, Canopy Growth was the first to introduce
the now standard concept of Compassionate Pricing to make medical
cannabis affordable for patients, and we remain proud to continue
supporting a patient's right to grow at home by selling the widest
variety of seeds in the sector. Our commitment to education has and
always will be unwavering, as the first Canadian cannabis company
to offer Mainpro-M1 accredited continuing medical education
programs to doctors, and to launch in-person assistance through our
Tweed Main Street locations. Tweed was also the first Canadian
producer to be approved to export dried cannabis to Germany, and our wholly-owned German
subsidiary continues to offer several varieties for sale through
German pharmacies.
Good Manufacturing Practices Certifications
We are honoured to announce that following an inspection by
German authorities, both the Tweed Smiths Falls facility and the Tweed Farms
facility have received certificates of Good Manufacturing Practices
(GMP) as issued by Regierungspräsidium Tübingen. A GMP
certification is given to companies who demonstrate a high degree
of precision and consistency in their manufacturing procedures.
This validates the work Tweed's team has accomplished and bodes
well for continued exports to Germany and other highly regulated
jurisdictions.
Exporting a Canadian Success Story: International
Update
Canopy Growth has a greater breadth of multi-site management
than any other cannabis company in the world. It has played an
important role in driving the Canadian industry forward with its
physician education program, clinical research, and corporate
social responsibility. This affords the Company a strong
opportunity to take what it has accomplished in Canada and begin to accelerate international
operations.
In addition to previously announced work in Brazil through our strategic partnership with
partially-owned Entourage Phytolab, and our minority stake in
AusCann Group Holdings, Canopy Growth is pleased to announce two
further international developments today.
Unveiling Spectrum Cannabis, a new International
Medical Brand: Canopy Growth is excited to unveil a new
international medical brand that will serve as the Company's
physician and patient-facing identity in strictly medical markets
outside North America, Spectrum
Cannabis.
Based on the intuitive colour-based system that has served to
position Mettrum as an approachable cannabis brand in Canada that attracted more patients than any
other reporting producer (except, of course, Tweed) when it was
acquired, Spectrum will focus on physician interactions,
stakeholder outreach, and patient education. The industry-leading
expertise developed in Canada will
be applied to markets around the world through this new brand.
Spektrum Cannabis: Canopy Growth's German subsidiary,
recently renamed Spektrum Cannabis Germany GmbH, is pleased to
report that it has now distributed cannabis products to over 480
pharmacies across Germany, up from
200 pharmacies in April 2017.
Spektrum's facility in Germany is
GMP certified by the relevant authority, Regierungspräsidium
Tübingen , making it, to the Company's knowledge, the only
GMP-certified cannabis processing facility in Germany.
Spectrum Chile: Canopy
Growth is pleased to announce further, complementary expansion into
South America with Spectrum Chile
SpA. Medical markets in Chile are
emerging and Canopy Growth plans to enter the market aggressively
in order to position itself as a leader in the Chilean market.
Through a strategic partnership with a domestic Chilean medical
cannabis company, Spectrum Chile will work to ensure Chilean
patients have access to high-quality cannabis products.
Our View on the United States Market: Canopy Growth
can also reassure investors, and in particular its US institutional
investors, that we remain committed to only conducting business in
jurisdictions where it is federally legal to do so. Canopy Growth
believes that operating and investing in markets where such
activity is federally illegal puts the company at risk of
prosecution, puts at risk its ability to operate freely, and
potentially could jeopardize its listing on major exchanges now and
in the future, limiting access to capital from reputable US-based
funds.
Leading the Dialogue Forward
Our Commitment to Medical Customers: Canopy Growth's
subsidiaries operate in a medical market. As recreational market
opportunities approach, Canopy Growth is committing that it intends
to stay true to its roots by prioritizing patients.
Simply put, all those who are registered as medical patients on
July 1st, 2018 will
receive priority over future recreational customers.
Patients' supply shouldn't be pressured by recreational sales
opportunities.
CraftGrow Milestone: Canada's Island Garden products are available
at Tweedmainstreet.com as of today. It is one of four announced
CraftGrow partners and the first company outside of the
Canopy Growth group of companies to offer its products for sale to
registered Tweed customers. This producer + retailer milestone is
yet another first for Canopy Growth. It is a true source of pride
for the Company because CraftGrow partnerships represent a
win-win-win model for Canadian patients, the CraftGrow
partners, and Canopy Growth. It is our way of supporting expedited
speed to market for newly licensed producers. We believe there is a
place for producers big and small in the cannabis sector, and are
putting action to our words.
Supporting Education: This month, the first MADD Canada
ads will air to begin the conversation on cannabis impaired
driving. Funding for this program has been provided by Canopy
Growth in the form of unrestricted grants. $1 from every bottle of oil sold in the Tweed
Main Street store is allocated towards education initiatives such
as this one and we will continue to do our part to ensure Canadians
understand cannabis and can consume it responsibly.
Hemp: As the landscape of industrial hemp changes, the
opportunity to leverage the 25 years of industry pioneering
experience that exists within our wholly owned Mettrum Originals
and Groupe Hemp brands has come into focus. Management believes
hemp markets are poised for great growth in the areas of food,
textiles, industrial products, and daily preventative health &
nutrition. Canopy has placed a significant emphasis on growing and
expanding our hemp capabilities, which to date include twenty-eight
products on 1,525 store shelves across Canada and the
United States.
Tweed Softgel Capsules: The softgel capsules produced at
our Smiths Falls campus are now
licensed for sale and available at Tweedmainstreet.com. Tweed
Softgel Capsules are a convenient and discreet medical option in a
high quality softgel capsule. As with dried cannabis products and
oil lines, a wide variety of THC and CBD options will be released
as production begins in earnest.
As always, here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering distinct brands and curated cannabis varieties in dried,
oil and capsule forms. Through its wholly‑owned subsidiaries,
Canopy Growth operates numerous state-of-the-art production
facilities with over half a million square feet of GMP-certified
indoor and greenhouse production capacity, all to an unparalleled
level of quality assurance procedures and testing. Canopy Growth
has established partnerships with leading sector names in
Canada and abroad, with interests
and operations spanning four continents. The Company is proudly
dedicated to educating healthcare practitioners, providing
consistent access to high quality cannabis products, conducting
robust clinical research, and furthering the public's understanding
of cannabis. For more information visit www.canopygrowth.com.
Notice Regarding 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., Mettrum Health Corp., 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 the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation