TORONTO, Jan. 21, 2016 /CNW Telbec/ - Canopy Growth Corporation ("Canopy Growth" or "the Company") (TSXV: CGC) is pleased to announce that CannScience Innovations Inc. (CSI), operating through a strategic collaboration with the University Health Network, has obtained regulatory approval to conduct research on cannabis. Canopy Growth holds a 33% ownership stake in CSI through its October 2015 acquisition of MedCannAccess.
As part of the launch of research and development activities, Tweed Inc., a wholly-owned subsidiary of Canopy Growth, has made an initial transfer of cannabis to CSI.
"The current regulatory model has evolved to include non-inhaled forms of legal medical cannabis. Researching the next logical steps is a way to be ahead of the curve in a fast-paced industry," said Bruce Linton, Chairman and CEO of Canopy Growth.
With these approvals, and its collaboration with UHN, CSI intends to develop intellectual property related to extraction processes, methods to produce standardized products and new formulations. Once developed, CSI will initiate the required preclinical and clinical testing for approval of new therapeutic products by regulatory bodies in Canada and internationally. CSI may explore a number of product variants, including products related to its exclusive worldwide license of Generex (OTC:GNBT) Rapidmist technology platform to develop innovative cannabinoid delivery systems.
This is an important first step towards developing safer, standardized, metered products in non-smokable form that fit the definition of cannabis as medicine.
Here's to Future Growth.
CannScience is an R&D biopharmaceutical company established to conduct research and development of therapeutic products based on the extracts from medical cannabis. CannScience is developing proprietary technologies and owns know-how related to the chemistry and pharmacology of medicinal cannabis. CannScience is working on integrating various medical devices and drug delivery technologies for the delivery of medications for various patient populations.
About Canopy Growth Corporation
Canopy Growth is Canada's first publicly traded medical marijuana company and the first geographically diversified producer with multiple licenses under the Marihuana for Medical Purposes Regulations. Through its wholly owned subsidiaries, Tweed, Tweed Farms, and Bedrocan, the Company operates three state-of-the-art production facilities in Ontario and distributes marijuana across the country to Canadian patients managing a host of medical conditions. The Company is dedicated to educating healthcare practitioners, providing consistent access to high quality medication, conducting robust clinical research, and furthering the public's understanding of how marijuana is used for medical purposes. www.canopygrowth.com
Notice Regarding Forward Looking Statement
This news release contains forward-looking statements. Often, but not always, forward-looking statements 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 involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include future operational and production capacity, the impact of enhanced infrastructure and production capabilities, and forecasted available product selection. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corporation does not undertake an obligation to publicly update such forwardlooking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
SOURCE Canopy Growth Corporation
For further information: Jordan Sinclair, Communications Manager, Jordan@tweed.com, 855-558-9333 ex 309