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Canopy Growth Introduces Spectrum Therapeutics
SMITHS FALLS, Ontario, May 7, 2019 /PRNewswire/ -- Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) is pleased to introduce Spectrum Therapeutics, a new global brand that will encompass all of the Company's ongoing medical and research operations including Spectrum Cannabis, Canopy Health Innovations (CHI), and the most recent addition to Canopy Growth's medical portfolio, Bionorica SE-founded C3 Cannabinoid Compound Company ("C3"), a European leader in cannabinoid-based medical therapies.
Incorporating these entities into one unified ecosystem will integrate the Company's medical efforts as one global healthcare enterprise. Spectrum Therapeutics now encompasses the production and distribution of full-spectrum medical cannabis products, industry-leading education, resources and support for patients and healthcare practitioners along with clinical research and the development of cannabinoid-based medicines.
The recent acquisition of C3 will allow Spectrum Therapeutics to continue to advance leadership in medical cannabis globally by further expanding its ability to empower physicians in Europe and around the world with the knowledge and therapies drawn from a full range of cannabinoid-based medicines. This includes dronabinol, C3's cannabinoid pharmaceutical drug available in Germany, Austria, Switzerland, and Denmark. Dronabinol, while integrated into the Spectrum Therapeutics' commercial offering, will continue to be marketed under C3's brand, Bionorica Ethics.
"We've always been a company that provides more than medical cannabis to our patients," commented Dr. Mark Ware, Chief Medical Officer, Canopy Growth. "We also offer education for patients and healthcare professionals and are engaged in research to define the safety and efficacy of cannabinoid medicines and the development of new cannabinoid-based treatments. Integrating our commercial medical businesses and clinical research arm under a single entity better reflects our position as a healthcare company that's driving further acceptance of cannabinoids as mainstream medicine and addressing the medical and wellness needs of our patients worldwide."
In addition to medical cannabis products, Spectrum Therapeutics will continue to offer medical cannabis education for patients and healthcare professionals in countries with legal regulatory frameworks. Through the continuation of CHI and C3's respective clinical research programs, Spectrum Therapeutics will also focus on the research and development of clinically ready cannabinoid drug formulations and dosage formats.
Since its founding in December 2016 as the cannabis research incubator of Canopy Growth, CHI evolved into the primary research and development arm of the Company including elements of product design and ingredient selection, formulation, safety, and efficacy testing, and pre-clinical and clinical trials. All of its research activities will now fall under Spectrum Therapeutics which currently include:
- 11 therapeutic trials planned and ongoing
- 11 third party clinical trials supported by Spectrum Therapeutics planned and ongoing
- 900+ patients to be enrolled in studies; and
- 1800+ patients enrolled in EQUAL (Evaluation of Quality of Life), which evaluates the quality of life of patients before and after treatment with medical cannabis
Spectrum Cannabis is known for its colour-coded spectrum to categorize medical cannabis according to THC and CBD levels. It currently operates in 12 countries under various entities which, going forward, will all be known as Spectrum Therapeutics. Those countries are: Australia, Brazil, Canada, Chile, Colombia, Czech Republic, Denmark, Germany, Lesotho, Peru, Poland, and the United Kingdom. All Spectrum Cannabis branding include the various web properties will be transitioned to the new Spectrum Therapeutics identity over the coming months.
Spectrum Therapeutics Fast Facts:
- 61,000+ healthcare professional visits in Canada
- Exclusive Pharmacy Learning Modules accredited by the Canadian Pharmacy Association
- Its medical cannabis products have been exported to the U.S. on multiple occasions with U.S. DEA approvals as part of a research partnership with Battelle, a leading non-profit research and development organization based in Columbus, Ohio
- First of its kind Peer Catalyst Mentor Program which links physicians from across Canada with colleagues who possess advanced knowledge of the cannabis field in order to provide case-by-case support
- Partnership with the Ontario Long Term Care Association to research how medical cannabis use can potentially displace less-desirable therapeutics for both pain and cognitive function for residents in long term care homes
- Ongoing commitment to patient affordability includes absorbing excise tax on all Spectrum-branded products in Canada and industry-first Compassionate Pricing Program that assists those on limited incomes afford their medicine
Here's to Future (Therapeutic) Growth
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth offers medically approved vaporizers through the Company's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.
The Company's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Canopy Growth works with the Beckley Foundation and has launched Beckley Canopy Therapeutics to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual property protection. Canopy Growth acquired assets of leading hemp research company, ebbu, Inc. ("ebbu"). Intellectual Property ("IP") and R&D advancements achieved by ebbu's team apply directly to Canopy Growth's hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector.
From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House Seeds, Battelle, the world's largest nonprofit research and development organization, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 4.3 million square feet of production capacity, including over one million square feet of GMP certified production space. The Company operates Tweed retail stores in Newfoundland and Manitoba and has entered into supply agreements with every Canadian province and territory. For more information visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include "industry-leading education, resources and support for patients", and "ongoing clinical research programs which are expected to complement Spectrum Therapeutics'" . Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including clinical trial work, and such risks contained in the Company's annual information form dated June 27, 2018 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.