Canopy Growth Provides Further Updates on Australian Operations
September 13, 2017
SMITHS FALLS, ON, Sept. 13, 2017 /CNW/ - Canopy Growth Corporation (TSX:WEED) ("Canopy Growth" or the "Company") is pleased to announce that it has entered into a supply agreement with AusCann Group Holdings Ltd. ("AusCann"), whereby Canopy Growth will act as AusCann's exclusive supplier of medical cannabis for the Australian market, beginning with the transfer of a range of medicines for research and commercialization in Australia.
The Australian market continues to present attractive growth opportunities for medical cannabis and through the Company's minority ownership stake and excellent working relationship with AusCann, it is in a prime position to realize this potential for its shareholders.
"This agreement is a positive step in enabling Australian patients to have access to high quality cannabinoid medications," said Elaine Darby, Managing Director, AusCann. "I'm excited to move forward with this partnership, and continue to utilize the production scale of existing partners to accelerate our own sales function and market presence."
As an emerging market, the size of this initial shipment is not expected to affect registered customer's ability to purchase product through Tweedmainstreet.com where consistent product availability has stabilized thanks to strong production from the Canopy-wide production platform.
This agreement, which continues to allow Canopy Growth to pursue other Australian opportunities, follows a recent announcement issued September 11, 2017, in which the Company announced a strategic partnership with Alcaliber S.A. ("Alcaliber"), a leading pharmaceutical producer that last year exported 125 tonnes of alkaloids to 40 countries around the world, representing a 20% market share for Narcotic Raw Material (NRM).
Whether Europe, South America, Australia, or at home, Canopy Growth is working hard to bring its recognized, high quality genetics to the world.
Here's to Future Growth Down Under.