European Update: Canopy Growth Secures Exclusive Opportunities in the UK & Luxembourg
Ryan Allway
October 21st, 2019
News
Receives first UK licence for a storage and distribution facility dedicated to medicinal cannabis, under the MHRA ‘specials’ program for unlicensed medicines
Wins exclusive contract to supply medical cannabis in Luxembourg, connecting country to Canopy Growth’s European network
SMITHS FALLS, ON, OXFORD, England and FRANKFURT, Germany, Oct. 21, 2019 /CNW/ – Canopy Growth Corporation (TSX: WEED), (NYSE: CGC) (“Canopy Growth” or the “Company”), is pleased to provide updates on key developments in the United Kingdom (“UK”) and Luxembourg. In these countries, the Company’s pharmaceutical business, Spectrum Therapeutics, continues to expand its sophisticated, pan-European cannabis production and distribution network serving the needs of physicians and their patients. Canopy Growth is committed to transforming healthcare in Europe by providing better access to medical cannabis treatments that have the potential to improve the lives of millions of patients.
United Kingdom
In the UK, Spectrum Therapeutics has received licences from the Medicines and Healthcare products Regulatory Agency (“MHRA”) and Home Office to store and distribute cannabis-based medicinal products (“CBMPs”). The first of its kind facility in the UK is designed to reduce prescription delivery time, a key development as the company establishes its footprint in the UK. The licence also allows the company to import CBMPs to the UK directly from Spectrum’s European and global networks, optimizing its supply chain and reducing overheads, without need for third-party suppliers.
Cosmo Feilding Mellen, Managing Director, Spectrum Therapeutics in the UK, said
“Medicinal cannabis has been available in the UK for less than twelve months, and in that time, we have established cost-effective UK infrastructure to meet the needs of patients.”
Continued Mellen, “We are delighted to have been granted licences from both the MHRA and Home Office in order to provide a solution to one of the most significant barriers for access in the UK. We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework that exists.”
Spectrum Therapeutics passed a rigorous preliminary inspection from the MHRA to receive a licence. The company will continue to work closely with the MHRA and the Home Office to maintain the agreed terms, ensuring that CBMPs can be stored at volume in the UK under the highest standards of practice.
Luxembourg
Spectrum Therapeutics has become the exclusive supplier of medical cannabis to the Grand Duchy of Luxembourg (“Luxembourg”). The contract will see Luxembourg receive medical cannabis from Spectrum’s licensed facilities in Denmark and around the world until December 31, 2021.
In 2018, the Government of Luxembourg unanimously passed a law to decriminalize medical cannabis for patients with severe unmet needs. Under the new legislation, general practitioners and specialist medical professionals who have undertaken specific training are able to prescribe cannabis to eligible patients in Luxembourg. Patients with severe needs include those living with cancer, neuro-degenerative, chronic and painful diseases.
“We are proud to share news of this decision from the government of Luxembourg, connecting patients to medicine supplied through our European platform,” said Paul Steckler, Co-Managing Director of Europe, Canopy Growth. “Luxembourg is a country with big ambitions when it comes to medical cannabis, and we are excited to have earned the opportunity to supply this new market.”
Canopy Growth has received all authorizations required to import medical cannabis into Luxembourg and has completed the first shipment of medicinal cannabis to Luxembourg’s Division de la Pharmacie et des Medicaments.
Here’s to Future Growth (in Europe).
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 leadership changes and transitions. 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 and such risks contained in the Company’s annual information form dated June 27, 2018 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.
SOURCE Canopy Growth Corporation
For further information: Media Contact: Caitlin O’Hara, Corporate Communications Manager, Caitlin.Ohara@canopygrowth.com, 613-291-3239; Investor Contact, Tyler Burns, VP, Investor Relations, Tyler.Burns@canopygrowth.com, 855-558-9333 ext. 122
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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