The companies will continue to collaborate in the
Australian market
SMITHS FALLS, ON, Oct. 15, 2019 /CNW/ - Canopy Growth Corporation
(TSX: WEED) (NYSE: CGC) ("Canopy Growth") has sold its 42,087,639
shares in Australian cannabis company AusCann Group Holdings
(AusCann) via an off market block trade at $0.15 per share for gross proceeds of
$6.3 million. The trade was
facilitated by Canaccord Australia.
The sale represents Canopy Growth's total 13.2% interest in
AusCann.
"Canopy Growth remains optimistic about the future of the
Australian medical cannabis market and will continue to collaborate
with the team at Auscann to support greater physician understanding
and patient access to high quality cannabis products throughout
Australia," said Mark Zekulin, CEO, Canopy Growth. "The decision
to divest our position in AusCann, which we obtained three years
ago in exchange for support provided, will allow us to sharpen our
focus on our wholly-owned operations in the market, while
continuing to collaborate with our partners at AusCann."
Dr. Marcel Bonn-Miller, Canopy
Growth's Global Senior Director of Clinical Science, will continue
to sit on the AusCann Board of Directors to facilitate future
collaboration.
Here's to Future Growth.
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. For more information visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information 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 or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements with
respect to divesting shares. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information, including the Company's ability to satisfy provincial
sales contracts or provinces purchasing all cannabis allocated to
them, and such risks contained in the Company's annual information
form dated June 25, 2019 and filed
with Canadian securities regulators available on the Company's
issuer profile on SEDAR at www.sedar.com. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information or forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such information and no assurance can be given that such events
will occur in the disclosed time frames or at all. The
forward-looking information and forward-looking statements included
in this news release are made as of the date of this news release
and the Company does not undertake an obligation to publicly update
such forward-looking information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities laws.
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SOURCE Canopy Growth Corporation