Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is pleased to announce that it has completed the previously announced acquisition of Canopy Health Innovations Inc., including the subsidiary operations of Canopy Animal Health Inc.. The Company believes its strategy of integrating and aligning CHI's clinical platform with the international work of Spectrum Cannabis, will accelerate its comprehensive research programs, build evidence around Canopy products and formulations and ultimately improve patient access to medical cannabis globally.
"Canopy Growth continues to expand its medical cannabis leadership around the globe with an ecosystem that includes world class production and infrastructure, patient and healthcare practitioner education, and robust clinical research," said Mark Zekulin, President & Co-CEO, Canopy Growth. "With the acquisition complete, we're excited to further accelerate Canopy Health's vision to create evidence based cannabis formulations and delivery mechanisms that will serve patients worldwide."
CHI has built a diversified business focused on unlocking the therapeutic and commercial potential of cannabis for both humans and animals. Incorporating CHI into this ecosystem as a wholly-owned subsidiary will increase efficiencies and unlock the full potential of CHI's significant IP portfolio including 39 patent applications filed with the United States Patent Trade Office.
In addition to its IP portfolio and world leading Animal Health work, CHI continues to establish strong partnerships with leading researchers around the world, including a recent partnership with the world-renowned Oxford based Beckley Foundation, resulting in the formation of Beckley Canopy Therapeutics (BCT) BCT combines UK-based drug research pioneer Lady Amanda Feilding's 20+ year track record of ground-breaking research, drug policy work and distinguished network of international scientific collaborators with Canopy's leadership in commercial cannabis, creating a strong and complementary UK based European research platform.
Beckley Canopy Therapeutics, owned 50 percent by CHI, supports Canopy Growth's broader efforts to develop and market commercializable cannabis medicines in federally regulated jurisdictions around the world, including possibly the United Kingdom which recently announced it was considering a medical cannabis access program.
As a result of the Transaction, CHI and CAH together form a wholly-owned subsidiary of Canopy Growth. Shareholders of the amalgamated company (other than Canopy Growth) received 0.3790 common shares of Canopy Growth for each common share of the amalgamated company held (the "Exchange Ratio"). In addition, the Company has issued options to purchase common shares of Canopy Growth in exchange for options previously issued by CHI and CAH, based on the Exchange Ratio.
Here's to Future (Clinical Research and) Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten cannabis production sites with over 2.4 million square feet of production capacity, including over 500,000 square feet of GMP-certified production space. Canopy Growth has operations in 10 countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and through its fully owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, Canopy Growth is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector. From our historic public listing to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. For more information visit www.canopygrowth.com
About Canopy Health Innovations
Canopy Health Innovations (Canopy Health) operates as an affiliated research arm of Canopy Growth Corporation and its subsidiaries. Canopy Health is owned fully by Canopy Growth and its business model is to engage simultaneously in numerous research areas, with a strict focus on the creation and enhancement of intellectual property, which is then retained exclusively on a first-priority basis. Canopy Health is focused on providing more in depth and advanced understanding of the cannabis plant and the potential medical uses for both humans and animals. This combined with a more favourable regulatory system, and a global paradigm shift towards the normalization of cannabis, positions Canopy Health as an ideal company to conduct research, and develop safe, effective, natural medicines derived from cannabis.