Canopy Growth Announces Further Consolidation of Latin America Assets with Full Acquisition of Spectrum Cannabis Chile

Smiths Falls, Canada and Santiago, Chile
Canopy Growth Corporation (“Canopy
Growth” or the “Company”) (TSX:WEED
, NYSE:CGC) is
pleased
to announce the acquisition
of all
remaining
outstanding shares of its Chilean in
market entity, Spectrum Cannabis
Chile SpA (“Spectrum Cannabis Chile”).
This
transaction
brings Spectrum Cannabis Chile fully under the
Canopy Growth umbrella
and directly supports the
C
ompany’s plans for development
within
the LATAM region
which is home to more than 600 million people. Thanks to progressive regulations and
Government support, Chile is known throughout Latin America as an
ideal location for
medical and pharmaceutical research. The country has more clinical studies per resident
than any other
in
Latin America.
In line with the Company’s strategy of leveraging the strengths of each country, Chile will
continue as Canopy LAT
AM’s regional
r
esearch
and
d
evelopment
hub. Currently, Spectrum
Cannabis Chile has a pain management focused clinical trial underway. The trial which has
been approved at both Phase I and Phase II was designed by Dr. Serio Sánchez, a
Chilean
d
octor, medical cannabis pioneer, and the founder of Cannabis Chile, one of the country’s
leading cannabis advocacy groups.
In addition to advancing this clinical trial, Dr. Sánchez has joined the leadership team of
Spectrum Cannabis Chile and will bring
his extensive experience to the organization by
serving as the Chilean medical lead. He will also serve on the Medical Board for Canopy
LATAM
, the company’s regional headquarters
. Having treated over 5000 patients with
medical cannabis, Dr. Sánchez has a w
ealth of experience in evaluating and advancing the
recognition as well as use of cannabis
based medicines.
“Chile is an important part of our strategy for this region and completing this acquisition
marks another successful step forward in our plan,” sa
id Mark Zekulin, President and Co
CEO, Canopy Growth. “Spectrum Cannabis Chile
, working closely with the team at Canopy
Health Innovations in Canada,
will continue to lead regional research activities with a focus
on developing additional evidence to suppo
rt the use of cannabis
based medicines across
Latin America and the world.”
This
transaction
also builds on the recent acquisition of Spectrum Cannabis Colombia
which, leveraging the unique growing conditions and favourable regulatory climate
in
Colombia, will serve as a regional production and export hub for Canopy Growth across
Latin America.
As countries across the region update their legislation and further define their domestic medical cannabis
markets, Canopy LATAM will continue to purs
ue market access and a position of leadership, ensuring that
patients have access to high quality, regulated medical cannabis.
In exchange for Cannagrow SpA’s 15
percent interest
in Spectrum Cannabis Chile SpA, Canopy
Growth
paid
cash
consideration of
US
$750,000. Prior to the acquisition,
the Company
controlled 85
percent
of the issued and
outstanding shares of Spectrum Cannabis Chile SpA.
Spectrum Cannabis.
Post by TraderX

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