Canopy Growth Corporation has agreed to acquire MedCann GmbH Pharma and Nutraceuticals, the company announced in a press release. MedCann is a Germany-based pharmaceutical distributor who has successfully placed Tweed-branded medical cannabis products in German pharmacies. Tweed is one of Canopy Growth’s core brands.
Bruce Linton, Canopy CEO and Chairman, said the acquisition positions the company for “domestic medical production inside Germany if the regulatory environment shifts.”
“Germany has begun a process of enabling medical access to cannabis and through a policy that recognized Canopy as the first legal supply source from North America,” he said in the release. Germany’s federal government requires that imported medical cannabis products come from companies that produce consistent strains with reliable cannabinoid profiles.
“Germans need access to high-quality cannabis and Tweed’s products are proving to be up to the very strict standards set by the federal government,” Dr. Pierre Debs, founder of Medcann, said in the release. “Working together as one team will allow Canopy Growth through Tweed, Tweed Farms, and future production sites to supply the unmet demand that has been building over the past decade.”
German law does not permit medical cannabis cultivation in the nation and currently all products are imported from Canada – the home country of Canopy – and Holland.
The Toronto Stock Exchange must approve of the deal before it is finalized.
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