Marking a major milestone in cannabis history, Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) (“Canopy Growth” or the “Company”) has completed a legal transfer of cannabis products to a research partner in the United States. To the Company’s knowledge, this was the first export of legal cannabis products from Canada to the United States pursuant to an import permit issued by the federal United States Drug Enforcement Administration (DEA). The shipment was completed for the sole purpose of supporting medical research and development.
Currently, sources of federally regulated cannabis in the United States are limited in scope and genetic diversity. Canopy Growth believes that it can add value to the market and enable the development of rigorous testing standards for products, while advancing the understanding of the risks and benefits of medical cannabis. The advancement of this research stands to serve Americans, Canadians and those around the world who may benefit from legal, approved cannabis-based medical treatments.
While this export is a major achievement for the Company, in keeping with its philosophy around the globe, Canopy Growth strongly supports legal production at the domestic level over ongoing exports. With this in mind, the Company is excited at the potential of bringing its commitment to legal, GMP/GPP produced cannabis operations to the United States, but only through federally legal means.
“The United States presents a unique market opportunity and as the most established cannabis business in the world we, in turn, offer a unique ability to advance standardization, IP development, and clinical research that can improve the understanding and legal application of cannabis and cannabinoids,” said Mark Zekulin, President and Co-CEO, Canopy Growth. “By engaging in the market through federally legal means and with the right partners, we can create a US-based centre of expertise while also supporting our rapidly expanding global business.”
Canopy Growth and its subsidiaries Canopy Health Innovations (CHI) and Spectrum Cannabis have developed a strong research program spanning human and animal health. Today’s announcement builds onto our continued commitment to IP development and subsequent commercialization of cannabis-based medicines through clinical research.
Here’s to Future Growth (through research)