Canopy Growth Corporation CGC shares are trading higher on Tuesday after the company announced it received EU GMP certification for its cannabis cultivation facility in Kincardine, Ontario.
What To Know: This certification will allow the company to continue to export medically certified cannabis to European medical markets and various other medical cannabis markets globally. It is also significant as it marks the completion of Canopy's consolidation of its production footprint into two purpose-built sites.
"The receipt of EU GMP certification for our Kincardine facility is a significant milestone for Canopy Growth as we complete the transformation of our business and position it for long-term growth and market leadership," said David Klein, CEO of Canopy Growth. "Today's announcement further demonstrates our team's proven ability to evolve our business and positions us to continue serving medical cannabis customers in Europe and around the world with high quality flower."
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CGC Price Action: Shares of CGC were up 5.09% at $0.72 at the time of publication, according to Benzinga Pro.
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