Canopy Growth enters landmark research and production MOU with Australian Victoria State Government
Canopy Growth Corporation (TSX: WEED) (“Canopy Growth” or the “Company”) and the Victorian State Government today announced the signing of a significant Memorandum of Understanding (“MOU”) to further develop research and technical capabilities in the production of medical cannabis in Australia.
The Honourable Minister for Agriculture Jaala Pulford MLC officially announced the research collaboration this morning between Canopy Growth and Agriculture Victoria, the ministry of agriculture for the state government of Victoria, Australia. The work will focus on medical applications for cannabis genetics, strain development, cultivation, and processing. This partnership will directly contribute to the emerging medical cannabis industry in Australia, allowing for improved patient access in that market, creating a leadership position for Australia and Canopy Growth in the Asia Pacific geography.
As part of this agreement, stabilized cannabis genetics from Canopy Growth’s Canadian operations have already been successfully imported into the country and are growing healthily in the state of Victoria.
“This agreement allows us to combine our expertise in medical cannabis with the world-leading bioscience research capabilities of Agriculture Victoria,” said Mark Zekulin, President, Canopy Growth. “With this important MOU, we hope to increase innovation and institutional understanding in the Australian medical cannabis market to ensure that our globally recognized genetics are available in Australia for research and commercial purposes.”
Victoria was the first state in Australia to legalize access to medical cannabis for patients in the region, and the State will use its prominent bioscience research capabilities in Agriculture Victoria to work with Canopy Growth to identify and develop optimal plant strains for a range of therapeutic uses. Specific capabilities include genome sequencing, comprehensive metabolome analysis and chemo-typing, as well as technologies for accelerated precision breeding.
Canopy Growth has quickly emerged from the Canadian market to establish itself as the world’s largest cannabis company. Since 2014 it has operated under federal medical cannabis laws and serves over a third of the estimated medical cannabis patients in the country, more than 69,000 people. Canopy now operates in seven countries internationally and has driven the medical cannabis dialogue forward by engaging with medical professionals to educate them on the existing body of evidence surrounding cannabis. Canopy’s network includes a partnership with partly-owned leading Australian cannabis company, AusCann Group Holdings (“AusCann”), based in Western Australia, who will directly benefit by being able to more readily access Canopy’s base of genetics to advance its medical research initiatives and development.
“Working with global leaders like Canopy Growth on cultivation and production will build Victoria’s capacity to develop an industry capable of supplying reliable and high quality medical cannabis products to treat a range of conditions in approved patients,” said the Honourable Jaala Pulford, Minister for Agriculture, Victorian State Government.
The collaboration between an international industry-leader in the cultivation and value-add production of medical cannabis products like Canopy Growth and a globally recognized bioscience researcher in Agriculture Victoria is a major development for Australian cannabis market progression and shows strong leadership on the part of the Victoria Government. The products being developed through this MOU, as well as the recently imported genetics, will ensure that locally produced, high quality medical cannabis products are legally available to patients in the Australian market in the near future.
Here’s to Future Growth (Down Under).