Canopy Growth Expands In UK, Luxembourg Medical Marijuana Markets – Benzinga
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) issued an update Monday in its medical marijuana business in the United Kingdom and Luxembourg.
Canopy Growth’s pharmaceutical business Spectrum Therapeutics is expanding its cannabis production and distribution reach in the two countries, Canopy said in a Monday release.
Spectrum Therapeutics obtained licenses from the Medicines and Healthcare Products Regulatory Agency and Home Office to store and deliver cannabis-based medicines in the U.K., as well as to import those products to the U.K. from its European global networks, according to Canopy.
“Medicinal cannabis has been available in the U.K. for less than 12 months, and in that time, we have established cost-effective U.K. infrastructure to meet the needs of patients,” Cosmo Feilding Mellen, managing director of Spectrum Therapeutics in the U.K., said in a statement.
“We are delighted to have been granted licenses from both the MHRA and Home Office in order to provide a solution to one of the most significant barriers for access in the U.K.
Luxembourg Supply Agreement
Spectrum Therapeutics has become the exclusive supplier of medical cannabis to the Grand Duchy of Luxembourg. Per the contract, Luxembourg will receive medical cannabis from Spectrum until the end of 2021.
“We are proud to share news of this decision from the government of Luxembourg, connecting patients to medicine supplied through our European platform,” Paul Steckler, Canopy’s co-managing director of Europe, said in a statement.
“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.”
Additionally, the company said it has obtained all needed approvals to import medical cannabis into Luxembourg, and has conducted its first shipment to Luxembourg’s Division de la Pharamcie et des Medicaments.
Canopy shares were trading 0.69% higher at $20.49 at the time of publication.
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This article originally appeared here in https://www.benzinga.com/markets/cannabis/19/10/14635109/canopy-growth-expands-in-uk-luxembourg-medical-marijuana-markets