ODENSE, Denmark, December 5, 2017 /PRNewswire/ --
Hi-tech Greenhouse Positions Spectrum Cannabis as
European Cannabis Leader and Odense as Major European Medical Cannabis
Centre
Spectrum Cannabis Denmark ApS (the "Company"), a joint venture
between Canopy Growth Corporation ("Canopy Growth"), the largest
cannabis company in the world, and Danish Cannabis ApS ("Danish
Cannabis"), a leading European hemp producer, has announced plans
to establish a 40,000 m2 production facility in Odense, Denmark. The immediate conversion of
30,000 m2 of existing greenhouse infrastructure could be completed
as soon as early 2018, subject to regulatory approvals and
licensing, and has the full support of Odense Mayor Peter Rahbæk Juel.
"We are pleased that our efforts to create a stable, skilled and
safe environment continues to attract global businesses to
Odense, which will now share in
the prosperity of the largest and most reputable medical cannabis
company in the world," said Mayor Juel.
Denmark is an ideal country for
greenhouse cannabis production because of the abundant availability
of experienced greenhouse producers and labourers. Odense was specifically chosen because of the
support of the greenhouse industry that exists in the area.
The Odense facility is expected
to employ over 125 staff, including its former orchid growers who
will all be offered employment with the Company. Based on current
usage rates in Canadian patient groups, production capacity from
the state-of-the art greenhouse could serve the needs of
approximately 60,000 patients, with a retail production value of
over 500 M DKK.
While the Company proceeds through the Lægemiddelstyrelsen
licensing process for production, it expects to import Spectrum
Cannabis products from Canada,
which are currently sold to medical patients in Canada and Germany.
The Spectrum Cannabis products are based on the simple doctor
and patient friendly Spectrum system, which classifies products
from high THC to balanced THC and CBD products to high CBD-only
products. Throughout 2018, the Company intends to introduce its
range of products in dried form for inhalation, as well as cannabis
oils and Softgel capsules, an offering currently only available
through Canopy Growth's subsidiaries, Spectrum Cannabis and
Tweed.
"The Danish market is a stable, attractive market for a number
of strategic reasons," said Bruce
Linton, Chairman and CEO of Canopy Growth. "In Denmark, we
see a strong pharmaceutical industry with an equally strong
research tradition as well as a skilled labour pool and attractive
energy rates. Based on these foundational aspects and with the
expertise of our partners at Danish Cannabis, I am confident we
will build upon our global success here in Denmark."
The confidence and trust in the medical control system exercised
by Lægemiddelstyrelsen and the evolving cannabis laws in
Denmark have created a market
opportunity that will create jobs for the community of Odense while also improving the health and
quality of lives of Danish people suffering from chronic illnesses
by providing a safe and consistent supply of high quality medical
cannabis products.
Subject to regulatory approvals, a variety of Spectrum Cannabis
products will be available throughout 2018, including over ten
dried cannabis strains, and ingestible cannabis oils available in
liquid and Softgel capsule formats.
Here's to Future Danish Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp
company, offering distinct brands and curated cannabis varieties in
dried, oil and Softgel capsule forms. 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 established partnerships with leading sector
names including cannabis icon Snoop Dogg, breeding legends DNA
Genetics and Green House seeds, and Fortune 500 alcohol leader
Constellation Brands, to name but a few. Canopy Growth operates
seven cannabis production sites with over 665,000 square feet of
production capacity, including over 500,000 square feet of
GMP-certified production space. The Company has operations in seven
countries across four continents. The Company is proudly dedicated
to educating healthcare practitioners, conducting robust clinical
research, and furthering the public's understanding of cannabis,
and through its partly owned subsidiary, Canopy Health Innovations,
has devoted millions of dollars toward cutting-edge,
commercializable research and IP development. Through partly owned
subsidiary Canopy Rivers Corporation, the Company is providing
resources and investment to new market entrants and building a
portfolio of stable investments in the sector. From our historic
public listing to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth.
For more information
visit http://www.canopygrowth.com
About Spectrum Cannabis
Spectrum is medical cannabis, simplified. Its colour-coded
strain classification system is available in Canada with operations underway in the
European Union, Australia, and
South America. Spectrum products
are available in a range of potencies and formats designed to
simplify the dialogue around strength and dosage by categorizing
medical cannabis according to THC and CBD levels. Spectrum Germany
Gmbh processes cannabis for sale in Germany in a GMP-certified facility and then
distributes products to hundreds of German pharmacies. Spectrum
Denmark is a partnership between
Canopy Growth and Danish Cannabis. Through the partnership,
Spectrum Denmark is developing a large-scale greenhouse facility in
the city of Odense.
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, its
subsidiaries, or its affiliates 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 Corporation 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.
Contact:
Jordan
Sinclair,
Director of Communications,
Jordan@tweed.com,
+1-613-769-4196;
Investor Relations:
Tyler Burns,
Tyler.burns@canopygrowth.com,
+1-855-558-9333 ex 122;
Director:
Bruce Linton,
tmx@tweed.com