Article by Newswire.ca
Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: CGC) today announced that it has entered into an agreement to acquire MedCann GmbH Pharma and Nutraceuticals (MedCann), a German-based pharmaceutical distributor who has successfully placed Tweed-branded cannabis strains in German pharmacies.
MedCann has proven its ability to navigate the complex regulatory environment for cannabis importation and distribution in Germany. With a highly experienced leadership team, led by Dr. Pierre Debs, it has established itself as a leading cannabis importer and distributor within Germany where the cannabis industry still relies solely on imported products.
“Germany has begun a process of enabling medical access to cannabis and through a policy that recognized Canopy as the first legal supply source from North America,” said Bruce Linton, Chairman and CEO of Canopy Growth Corporation. “This acquisition establishes a distinct and purely medicinal corporate entity that helps us today but also positions us for domestic medicinal production inside Germany if the regulatory environment shifts.”
The various production sites within Canopy have developed a track record of producing consistent strains that yield reliable cannabinoid profiles harvest over harvest, a federal requirement for cannabis exports entering Germany. At this time, Tweed is capable of producing numerous stabilized strains and will position MedCann well in this market. Bedrocan Canada products will not be provided to the German market due to license restrictions.
“Germans need access to high-quality cannabis and Tweed’s products are proving to be up to the very strict standards set by the federal government,” said Dr. P. Debs, founder of Medcann. “Working together as one team will allow Canopy Growth through Tweed, Tweed Farms, and future production sites to supply the unmet demand that has been building over the past decade.”
Germany permitted patient access to medical cannabis in 2005. No domestic production currently exists with cannabis imports currently from Canada and Holland.