uploads///seedling _

Canopy Updates on Europe, Australia, and Africa


Jun. 18 2019, Updated 10:31 a.m. ET

European operations and market update

Canopy Growth (WEED) (CGC) has announced that its medical brand, Spectrum Therapeutics, has received licenses to cultivate and harvest medical cannabis-based products in Denmark. On May 22, Canopy Growth announced its acquisition of This Works, a natural wellness company based in London, England, for a total of 73.8 million Canadian dollars. Canopy Growth plans to use this acquisition to develop hemp-based CBD (cannabidiol) products for the European Union and other markets.

Similarly, Aurora Cannabis (ACB) has also expanded its footprint in Europe with a production facility in Portugal.

Article continues below advertisement

Canopy Growth in Australia

Canopy Growth is making progress in the Australian market through its Spectrum Therapeutics brand, which caters to the demand for medical cannabis products. According to the company, the number of medical patients in the country has increased ten times in the last year. This growing demand for cannabis products has led Canopy Growth to develop a facility in Victoria to support local operations in Australia. Until then, the company will supply its Australian operations with cannabis products via imports.

Cronos Group (CRON), through its subsidiary MediPharm Labs Australia, has applied for the ability to import and extract medical cannabis-based products in the country.

Spectrum in Africa

Canopy Growth has also provided updates on its developments in Lesotho, where it’s received licensing approvals from authorities to develop ~322,000 square feet of cultivation facility to grow CBD-based products.


More From Market Realist

  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.