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.
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.