SMITHS FALLS, Ontario &
LONDON, Oct. 15, 2019 /CNW/ - Canopy Growth Corporation
(TSX: WEED) (NYSE: CGC) ("Canopy Growth" or the "Company") has
closed the previously announced acquisition of all outstanding
shares in the global cannabinoid based research company Beckley
Canopy Therapeutics (Beckley Canopy), including the joint
commercial venture Spectrum Biomedical UK. These teams will now be
integrated into the broader Spectrum Therapeutics organization to
increase the breadth of the clinical research being pursued under
the Spectrum banner and to combine continental European and
United Kingdom commercial
teams.
As a part of the acquisition, Canopy Growth's European
management structure will evolve. Paul
Steckler and Steven Wooding
will assume the roles of Co-Managing Directors in charge of all
European operations. Paul is a seasoned pharmaceutical executive
with over 20 years' experience in commercial roles, having worked
in both large and small pharmaceutical companies including Pfizer.
Steve has held multiple positions within a 27-year career at
Janssen, the Pharmaceutical arm of Johnson & Johnson. Most
recently, he was head of Global Commercial Strategy and Market
Access for Janssen.
"The acquisition comes at a time when commercial opportunities
across Europe are ramping up,"
said Mark Zekulin, CEO, Canopy
Growth. "Spectrum Biomedical has completed all necessary approvals
to import cannabis into the UK market and is proud to facilitate
patient access to safe cannabinoid-based medicines there.
Consolidating our UK-based operations will allow Canopy to
simultaneously improve its research and commercial capabilities
across the continent."
Beckley Canopy was formed as a joint venture in January 2018 between Beckley Research &
Innovations ("BRI") and Canopy Growth to research and develop
clinically validated cannabis-based medicines, with a strong focus
on intellectual property protection. The research platform combined
European and North American-based leaders in cannabis research from
BRI and Canopy Growth to create a strong and complementary UK-based
European partnership. Since its inception, Beckley Canopy has made
significant progress in its core research areas, added additional
indications of interest, and worked closely and in a complementary
fashion with the global Canopy research team.
Here's to Future (European) 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 strategic acquisitions. 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.
Caitlin O'Hara, Media Relations,
Caitlin.Ohara@canopygrowth.com, 613-291-3239; Investor Relations,
Tyler Burns,
Tyler.Burns@canopygrowth.com, 855-558-9333 ext. 122