International markets, with Europe in particular, remain perhaps the most attractive target for North American cannabis companies looking to expand. Given that the largest, most advanced marijuana firms operate out of either Canada or the United States, this gives them a significant first-mover advantage over their European counterparts as they seek to expand internationally. Canopy Growth Corp (TSE: WEED)(NYSE: CGC) announced today that they had made crucial progress in entering the Polish and UK medical cannabis market.
Canopy’s international expansion are concentrated in the Spectrum Cannabis group of companies, a pan-European network of cultivation and distribution facilities that focus on helping physicians and patients get access to high-quality medical cannabis.
In the United Kingdom, Canopy formed Spectrum Biomedical UK as a joint venture between itself and the Oxford-based research firm Beckley Canopy Therapeutics. As of last November, the British government now permits specialist doctors to prescribe cannabis-medications for symptoms including chronic pain, nausea from chemotherapy, and other ailments.
“There is significant real-world and clinical evidence supporting the safety and effectiveness of cannabis-based medicinal products. However, due to the current regulations and lack of education about medicinal cannabis among clinicians in the UK, there remain considerable obstacles to patient access,” said Canopy’s Chief Medical Officer Dr. Mark Ware. “Spectrum UK has the expertise and ambition to simplify the UK medicinal cannabis landscape and ensure access to cannabis-based medicinal products for patients with great clinical unmet need.”
At the same time, Canopy also announced that it had completed its first major import of medical cannabis into Poland after passing rigorous regulatory standards. With that out of the way, the company is now ready to sell its high-THC whole flower product, Red No. 2, to the Polish medical community. Spectrum Polska, the Polish entity of the Spectrum Cannabis group, marks the fifth entry of its kind in the European market and represents around 15,000 pharmacies in the country and close to 300,000 patients.
“This shipment is an important first step in a new European market towards building our pan-European operations,” added Pierre Debs, Managing Director of Canopy Growth Europe. “We continue to follow our overall plan of self-sufficiency in Europe to be able to best provide individuals with high-quality medical cannabis.”
Despite the news, Canopy Growth shares stayed relatively the same, closing 0.6 percent down by the end of the day. It’s been a mixed day for the cannabis markets overall, with some companies dropping significantly (Tilray) and others surging significantly (Aphria).
Canopy Growth Company Profile
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. Canopy Growth offers medically approved vaporizers through the Company’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. The Company has operations in over a dozen countries across five continents. – Canopy Growth