Legalized cannabis is now officially one year old in Canada, with edible and vape products expected to start hitting shelves by the end of the year following finalized regulations. While licensed producers celebrate that milestone, they are also capitalizing on international growth with medical cannabis nearing its first anniversary in the UK.
Canopy Growth Corporation (TSX: WEED; NYSE: CGC) operates in Europe and the UK through subsidiary Spectrum Therapeutics, and today that spinoff received a new license for additional operations.
Spectrum was just granted licensing for a medical cannabis storage and distribution facility from the Medicines and Healthcare products Regulatory Agency. With that new license in hand, Spectrum will additionally be allowed to import medical cannabis from global Canopy Growth sources.
Commenting on establishing infrastructure for less expensive product movement throughout Europe to reach patients in a timely manner, Spectrum Managing Director Cosmo Feilding Melle had this to say:
Spectrum was additionally awarded a contract this week to become the exclusive supplier of medical cannabis for Luxembourg, where medical professionals are currently allowed to prescribe cannabis to certain patients with cancers and chronic pain conditions.
Back home in Canada, Canopy Growth recently launched retail site number 27 with the opening of a new Tokyo Smoke site in Brandon, Manitoba.
Following six months of solid losses on the company’s stock price, Canopy is finally seeing a slight uptick on that front. CGC is trading at $20.42 this morning, marking two weeks of continued upward movement, although the stock is still down from its price this same time last month.
Canopy has undergone a number of upper management reorganizations in recent months at the behest of major investor Constellation Brands, including the ouster of CEO Bruce Linton. Most recently, Constellation Brands Executive VP and CFO David Klein took over as Canopy’s board chair.