Canopy Health Innovations Provides Operational Update: Provisional Patents Filed and Additional Funding Secured
Canopy Health Innovations (“Canopy Health” or “CHI”), the partly-owned biopharmaceutical research and development subsidiary of Canopy Growth Corporation (TSX: WEED) (“Canopy Growth”), today announced that it has filed nine provisional patents pertaining to the applications of cannabis and cannabinoid based therapeutics in sleep and related nervous system disorders.
The filing is part of a concerted plan to bring to patients and healthcare providers innovative medicines and health products targeting disease areas with substantial medical needs. As part of this plan, Canopy Health is collaborating with respected world-class academic researchers and clinicians, and working with leading research organizations and regulators in jurisdictions of interest to develop and register these breakthrough products.
Sleep disorders are considered to be severely undertreated and are often conduits to equally serious and debilitating psychiatric and neurological conditions.
“The cannabis industry is an industry with centuries of anecdotal evidence, but limited in deep and credible scientific research,” said Bruce Linton, Chairman & CEO, Canopy Growth. “By enabling world-class research, we are confident that we can contribute to an increased understanding of cannabis as an effective and safe method of treatment and create products that will improve lives. Sleep presents a first opportunity for Canopy Health to advance in this direction, with more soon to follow.”
Canopy Health has filed nine provisional patents in the United States, which is common practice in the field of intellectual property generation and protection. Patents are first filed in the United States to create a priority date and allow for future filings in other selected jurisdictions, including Canada. Although cannabis is not presently federally legal in the United States, intellectual property generation and protection activity pertaining to cannabis and cannabinoids has dramatically accelerated there over the past few years.
In tandem with the recent provisional patent filings, Canopy Health, including its wholly owned subsidiary Canopy Animal Health has closed additional funding through sales of common shares bringing total funds raised to date for Canopy Health to over CDN $15.8 million. Capital was secured through new and existing shareholders, including $4 million from Canopy Growth. These funds will be used to advance research and product development with the objective of ultimately bringing them to patients and healthcare providers worldwide.