In this market news, Canopy Growth Corporation (TSX:WEED), one of the Canadian marijuana stocks, said it is the first company to export medical cannabis products from Canada into the United States
SmallCapPower | October 16, 2018: Canopy Growth Corporation (TSX:WEED), one of the Canadian cannabis stocks, announced recently that it has become the first company to export medical cannabis products from Canada into the United States on the back of an import permit issued by the federal United States Drug Enforcement Administration (DEA). The transfer of cannabis products was exclusively to a research partner in the U.S. for supporting medical research and development – a significant milestone in Canadian cannabis history.
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Canopy Growth intends to add value to the market by becoming an enabler for meticulous testing standards for products while furthering the awareness about risks and benefits associated with medical cannabis. As sources of federally-regulated cannabis in the U.S. are limited, the Canadian marijuana producer aims to fill the gap, thereby serving the people in the U.S., Canada and internationally.
Canopy Growth advocates production of cannabis legally at the domestic level over the exports even though this export is a major accomplishment. The Company is committing towards legal, GMP/GPP produced cannabis operations to the United States through federal means.
Canopy Growth Corp Co-CEO Mark Zekulin remarked, “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. By engaging in the market through federally-legal means and with the right partners, we can create a U.S.-based centre of expertise while also supporting our rapidly-expanding global business.”
Canopy Growth, along with its subsidiaries Canopy Health Innovations (CHI) and Spectrum Cannabis, is focused on strong marijuana research. Having operations in 12 countries across five continents, the Company offers distinct brands and cannabis varieties in dried, oil and Softgel capsule forms. The Company is also providing resources and investment to new market entrants and building a portfolio of stable investments in the sector via its partly-owned subsidiary, Canopy Rivers Corporation.
Canopy Growth currently trades at a market capitalization of C$16.9 billion with a price-to-book multiple of 11.50x. Since announcing this development on October 9, shares of Canopy Growth Corp have climbed 20% to its current price of $73.75.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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