Aside from the company’s proposed expansion in the U.S. through a planned acquisition of Acreage Holdings, Ontario-based Canopy Growth Corporation (TSX:WEED; NYSE:CGC) today issued a major update on international operations in Latin America, Africa, Europe, and Australia.
Focused on growth in the Latin American medical market, the company is licensed to grow 13.6 million sq. ft. of cannabis in that region of the world, although only a fraction of that licensed area is currently being utilized.
Today Canopy announced the signing of a multi-year deal with the Good Manufacturing Processes-certified nutritional supplement company Procaps S.A.S.
Based out of Colombia, Propcaps will team up with Canopy to produce oil-based capsule products such as softgels for distribution in various countries.
On the other side of the world, after completing a first full shipment of products earlier this year, the company just began medical cannabis sales in Australia last month. While currently importing medical cannabis from UK subsidiary Spectrum Therapeutics, Canopy is additionally constructing a production and processing facility in Victoria to begin domestic growth and packaging.
In Africa, Spectrum Therapeutics was recently granted medical production licenses for two separate facilities covering both indoor and outdoor grow operations. Those sites will grow CBD-dominant strains. In South Africa, Spectrum also recently acquired a plot of land for new grow operations and is awaiting licensing approval to begin constructing a new cultivation site.
On the European end of operations, Spectrum Therapeutics is now licensed to get the company’s Odense greenhouse up and running after receiving final approval from the Danish Medicines Agency.
South of the Canadian border on the U.S. side, the deadline arrived this morning for shareholders to vote on Canopy Growth’s proposed acquisition of U.S.-based cannabis company Acreage Holdings.
That major international deal hinges on one critical detail – the acquisition can only be completed if cannabis is removed from its current Schedule I position in the U.S., or if marijuana usage is legalized nationwide at the federal level.
While both of those scenarios are becoming more likely, the timeframes on either major policy change arriving is still up in the air, as currently only 11 states allow recreational usage, while 33 U.S. states have legalized medical cannabis.