Canadian cannabis giant Canopy Growth Corporation (TSX:WEED; NYSE:CGC) is teaming up with healthcare organization Reformulary Group via the company’s wholly-owned subsidiary Spectrum Cannabis, according to a press release just issued.
Patients and employers who subscribe to the Cannabis Standard formulary will gain access to Spectrum Cannabis soft gel, oil, and flower products at preferred pricing.
The Cannabis Standard platform analyzes self-reported patient research, allowing Reformulary Group to acquire a database of benefits for each patient based on the type of cannabis product they use.
The addition of Spectrum Cannabis follows Health Canada licensed producer Starseed Medicinal Inc. officially joining the formulary back in September.
Canopy President and Co-Chief Executive Officer Mark Zekulin described the deal with Reformulary as a critical move towards increased insurance coverage for Spectrum products. Zeuklin commented:
“By partnering with Reformulary Group through their innovative Cannabis Standard program, we’re helping Canadians and their employers navigate the complexities of medical cannabis while also contributing to an important data-collecting tool that can demonstrate the utility of cannabis treating various medical conditions.”
Reformulary Group Chief Exeuctive Officer Heleven Stevenson also had this to say about the partnership:
“Spectrum Cannabis is a trailblazer in medical cannabis and a significant addition to Cannabis Standard. The company is a leading producer of high quality medical cannabis products and bolsters our network of LP partnerships and cannabis products.”
This is just the latest in a string of partnerships and acquisitions from Canopy and its subsidaries, such as the deal to acquire Hiku Brands for $250 million being officially approved by shareholders in September.
Last month Canopy additionally announced the company had entered an agreement to acquire Colorado-based hemp company Ebbu Inc.
Grizzle’s head of research Scott Willis recently performed a deep dive analysis of Canopy’s Q1 2019 performance, examining production costs and the total amount of cannabis the company needs to sell to break even as legalization takes full effect in Canada.