Exports to the United States
On October 9, Canopy Growth (CGC) (WEED) announced that it has completed a legal transfer of medical cannabis to the United States for the sole purpose of research related to medical product development. Canopy Growth is the second company to do so after Tilray (TLRY) announced last month that it received approval from US regulators to export its cannabis products for medical research.
What Canopy Growth has to say
Canopy Growth is one of the largest licensed cannabis producers in Canada. It believes its wealth of knowledge will add value to medical research for cannabis products in the United States. It stated that it will provide “rigorous testing standards” as well as knowledge on the benefits and risks associated with medicinal cannabis. The company hopes the research will be beneficial to medical patients (HMMJ) inside and outside the United States.
Canopy Growth’s president and co-CEO Mark Zekulin stated, “The United States presents a unique market opportunity and as the most established cannabis business in the world we, in turn, offer a unique ability to advance standardization, IP development, and clinical research that can improve the understanding and legal application of cannabis and cannabinoids.”
The above chart shows the spread of Canopy Growth’s brands. Spectrum Cannabis includes medical cannabis products.
In less than a week, recreational cannabis will be legal in Canada. Enthusiasts are eager for that day to arrive, but there will be challenges for enforcement authorities. Let’s look at that next.