New medical brand
On May 7, Canopy Growth (WEED) (CGC) launched Spectrum Therapeutics—a new global medical brand. The company consolidated its medical research operations for commercial purposes under one umbrella. Canopy Health Innovations, Spectrum Cannabis, and Cannabinoid Compound Company will all operate under Spectrum Therapeutics.
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Pushing cannabis into healthcare
Recently, cannabis companies in Canada received a boost from the legalization of recreational cannabis, which also led the boom in sector ETFs like the Horizons Marijuana Life Sciences ETF (HMMJ) and the ETFMG Alternative Harvest ETF (MJ). Medical cannabis has been at the core of cannabis players’ product portfolios.
Through Spectrum Therapeutics, Canopy Growth will produce medical cannabis products, conduct clinical research, and develop medicines. The company wants to create a more unified and focused medical division. The brand will likely become a cornerstone for growth in Canadian and international markets. The markets are opening up to the idea of medical cannabis.
Canopy Growth’s peers are also focusing their attention on medical cannabis. In Aurora Cannabis’s (ACB) second-quarter earnings, the company said that it’s a medical company at the core. The company stated that it started 40 clinical trials and seven preclinical studies. Aurora Cannabis is pushing to make cannabis for medical use more grounded in science and data. Aphria (APHA) and Tilray (TLRY), which have also been more active in the medical market, have taken similar initiatives to capture the global medical market.