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Canopy Growth Deepens Its Medical Foray, Appoints a New Director

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New director

On February 22, Canopy Growth (WEED) (CGC) announced that it appointed Dr. Danial Schecter as the new director of Global Medical Services. In the press release, the company stated that it will use Dr. Scheter’s “experience to expand the Company’s network of partner healthcare clinics and support doctors and patients who understand the value of cannabis as medicine.”

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Penetrating the medical market

Canopy Growth’s strategy involves increasing its reach to patients through physicians and other healthcare practitioners. The company will enable a broader understanding of cannabis and offer medical cannabis as a remedy for its patients.

On Dr. Scheter’s appointment, Canopy Growth’s chief medical officer, Dr. Mark Ware, said, “We look forward to working with him as we continue our efforts to educate physicians and other healthcare providers who are committed to ensuring patients get the access to medical cannabis they deserve.”

Dr. Scheter co-founded Canabo Medical Clinics. He has trained physicians and pharmacies to enable them to tailor the right medical cannabis product for the patient’s medical condition.

Canopy Growth plans to deepen its foray into the medical cannabis market. The company plans to access patients seeking medical cannabis as an alternative to traditional medicine.

As of 12:23 PM EST on February 22, Canopy Growth was trading ~1.6% lower on the US exchange. Among cannabis stocks (HMMJ), Cronos Group (CRON) fell ~4.9%, Aphria (APHA) fell 4%, and Aurora Cannabis (ACB) fell 1.8%.

To learn more, read Seaport Global Initiated Coverage on CGC, APHA, ACB, and HEXO and What Canopy Growth and Couche-Tard’s Tie-Up Means for Investors.

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