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Canopy Growth Announces Colombian Manufacturing Agreement For Oil-Based Products

Canopy Growth Announces Colombian Manufacturing Agreement For Oil-Based Products

Canopy Growth Corp (NYSE: CGC) announced a multiyear advanced manufacturing agreement with Colombia's Procaps S.A.S. Monday as part of a broader update on its operations worldwide. 

South American Developments 

Canopy said it will leverage Procaps’ encapsulation capacity. Canopy is licensed to produce THC or CBD on over 13.5 million square feet of space in Colombia. 

The Canopy subsidiary Spectrum Therapeutics has completed sales to patients in Chile and Brazil, the company said.

Canopy said it plans to launch a CBD product line where rules allow.

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Everyhere Else 

In Australia, Spectrum received its first medical cannabis oil shipment in April, with sales commencing the following month. Spectrum plans to continue supporting the market with imports until Australia's domestic capacity is fully operational.

Canopy also detailed activity across Europe, including Denmark, Spain and Germany. Spectrum’s Odense, Denmark facility received licensing from the Danish Medicines Agency.

The company is also expanding in Spain after acquiring a cultivation and production license in that country. 

Canopy's other European activity includes the continued integration of brands such as the German device and vaporizer technology brand Storz & Bickel.

In Africa, Spectrum said it received its production license for two facilities in Lesotho.

The approval includes 21 million square feet of outdoor land for cultivation and 322,000 square feet for indoor growing. The spaces will be used for CBD and CBD-THC balanced development, the company said. 

The company also acquired land in Cape Town, South Africa’s Atlantis Economic Zone. The 12 hectares of land will be used for production operations.

Canopy said further updates on North American activity will be released in the coming days. The stock was trading higher by 1.07% to $41.62 at the time of publication Monday. 

Related Links:

Canopy Growth Unveils Spectrum Therapeutics Brand

Canopy Growth To Acquire Cannabis Vaporizer Maker Storz & Bickel


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