Cannabis companies’ biggest push after recreational cannabis in Canada will come in the form of medical cannabis in international markets. Canopy Growth (WEED) (CGC), which reported its earnings on June 20, discussed some of its initiatives in international markets on the medical front. On June 21, Canopy Growth fell 8% when the market opened.
In the fourth quarter, Canopy Growth sold a total of 9,326 kilograms and kilogram equivalents of cannabis products across the recreational and medical segments. Among the sales, 1,363 kilograms or ~14% of the sales were to the medical cannabis segment. Among the 1,363 kilograms, most of the product or 1,233 kilograms were sold to Canadian medical patients, while ~130 kilograms were sold to international medical customers. To learn more, read Canopy Growth Posts Fourth-Quarter Revenue Growth of 191%.
Given these numbers, the international medical cannabis market is very small at ~1.3% of Canopy Growth’s total cannabis sales. However, the company is committed to developing the international medical market. Canopy Growth thinks that the European market could have “significant upside potential.” Canopy Growth’s biggest presence is in the German market. The company also entered the Czech and Polish market. Canopy Growth has a supply facility in Denmark.
Aurora Cannabis (ACB) said that it’s a medical company at heart. The company is actively developing its medical market. Tilray (TLRY) owns subsidiaries in the global market to advance its medical segment.