Canopy Growth Corporation (TSX:WEED, NYSE: CGC) (“Canopy Growth” or the “Company”) is pleased to announce that it has completed the previously announced acquisition of Canopy Health Innovations Inc. (“CHI”), including the subsidiary operations of Canopy Animal Health Inc. (“CAH”). The Company believes its strategy of integrating and aligning CHI’s clinical platform with the international work of Spectrum Cannabis, will accelerate its comprehensive research programs, build evidence around Canopy products and formulations and ultimately improve patient access to medical cannabis globally.
“Canopy Growth continues to expand its medical cannabis leadership around the globe with an ecosystem that includes world class production and infrastructure, patient and healthcare practitioner education, and robust clinical research,” said Mark Zekulin, President & Co-CEO, Canopy Growth. “With the acquisition complete, we’re excited to further accelerate Canopy Health’s vision to create evidence-based cannabis formulations and delivery mechanisms that will serve patients worldwide.”
CHI has built a diversified business focused on unlocking the therapeutic and commercial potential of cannabis for both humans and animals. Incorporating CHI into this ecosystem as a wholly-owned subsidiary will increase efficiencies and unlock the full potential of CHI’s significant IP portfolio including 39 patent applications filed with the United States Patent Trade Office.
In addition to its IP portfolio and world leading Animal Health work, CHI continues to establish strong partnerships with leading researchers around the world, including a recent partnership with the world-renowned Oxford based Beckley Foundation, resulting in the formation of Beckley Canopy Therapeutics (BCT) BCT combines UK-based drug research pioneer Lady Amanda Feilding’s 20+ year track record of ground-breaking research, drug policy work and distinguished network of international scientific collaborators with Canopy’s leadership in commercial cannabis, creating a strong and complementary UK based European research platform.
Beckley Canopy Therapeutics, owned 50 percent by CHI, supports Canopy Growth’s broader efforts to develop and market commercializable cannabis medicines in federally regulated jurisdictions around the world, including possibly the United Kingdom which recently announced it was considering a medical cannabis access program.
As a result of the Transaction, CHI and CAH together form a wholly-owned subsidiary of Canopy Growth. Shareholders of the amalgamated company (other than Canopy Growth) received 0.3790 common shares of Canopy Growth for each common share of the amalgamated company held (the “Exchange Ratio”). In addition, the Company has issued options to purchase common shares of Canopy Growth in exchange for options previously issued by CHI and CAH, based on the Exchange Ratio.
Here’s to Future (Clinical Research and) Growth.