Canopy Growth’s market performance is on a roll following the company’s recently announced partnership with Colombia -based Procaps, a pharma company that develops, makes, and sells over-the-counter medications and nutritional supplements for international drug companies. Procaps will help Canopy produce capsule-based products, which are popular in Latin America thanks to a regulatory regime that favors oil-based products, including softgels. The deal has seen the Canopy Growth U.S.-traded shares closed up 1.7%.
Furthermore, the anticipation of the plan of Canopy Growth Corp to set a merger in a vote for the proposal to acquire Acreage Holdings Inc. has also excited investors.
The deadline to vote for shareholders of both Acreage and Canopy Growth is 10:00 am (EST) on Monday, June 17, 2019.
“Acreage shareholders will receive a significant upfront cash payment of approximately US$2.51 – US$2.63 per Subordinate Voting Share (with holders of other classes of Acreage Shares being entitled to an amount determined on an as-converted to Subordinate Voting Share basis) and are expected to benefit from accelerated expansion, improved scale, and a stronger market position in the U.S., powered by the IP and brand rights of the world’s leading cannabis company,”wrote Canapoy Growth in a press release.
“For Canopy Growth shareholders, the Transaction represents a clear path for Canopy Growth to enter the U.S. cannabis market, when federally-permissible, and will introduce its brands and consumer products in the United States.”
The Company’s global three-prong strategy includes a focus on building best-in-class global GMP (Good Manufacturing Practices) infrastructure, advancing clinical research programs and best-in-class education and sales programs through its Spectrum Therapeutics medical division, and launching CBD products where regulatory environments allow.
Canopy Growth is already licensed to grow more than 13.5 million square feet of cannabis in Columbia and has sold its Spectrum Therapeutics medical cannabis brand to patients in Chile and Brazil.