TORONTO, Nov. 23, 2016 /CNW/ - Canopy Growth Corporation (Canopy Growth) (TSX: CGC) is pleased to provide the following update to its June 28, 2016 release on both the joint venture announcement with Entourage Phytolab (Entourage) and the formation of Bedrocan Brasil (Bedrocan Brasil), both companies partly owned by Canopy Growth Corporation.
First Export to South America
Canopy Growth's wholly-owned subsidiary Bedrocan Canada Inc. (Bedrocan Canada), has successfully exported 10 kg of dried cannabis to Brazil for research purposes. Securing a supply of standardized research grade cannabis is a major milestone in the Entourage clinical development plan and marks the first time to the Company's knowledge that medicinal cannabis from a Canadian Licensed Producer has been exported to South America.
Entourage will now begin clinical study drug preparation and stable pharmaceutical formulations needed for the development of a whole plant drug candidate targeting epilepsy and pain management for registration before the Brazilian health authority ANVISA anticipated in 2018.
"Brazil is an exciting international market for us," said Bruce Linton, Chairman and CEO of Canopy Growth. "Research will form the basis of a broader medicinal cannabis regime in the country and we are proud to be driving this innovation forward."
Initial Funding Secured
Canopy Growth, Entourage and Bedrocan Brasil have completed an initial funding round of $3 million USD in exchange for common shares in Entourage and Bedrocan Brasil. These funds will be used both for the continuing development of Bedrocan Brasil and the launch of the Entourage clinical research plan.
"I am extremely pleased by the early and steady progress in Brazil for both Bedrocan Brasil and Entourage," said Caio Abreu, CEO of Entourage and Bedrocan Brasil. Since our launch only 4 months ago, we are fully on track with our goals of ensuring we can deliver Brazilian patients with world class cannabis-based medicines made and registered in Brazil."
In addition, Entourage can now announce that Antonio Droghetti Neto has joined its Board of Directors. Mr. Droghetti is an economist and business administrator with expertise and broad experience in structuring start-up stage companies. He was the Vice President of Grupo Silvio Santos, CEO of Inframérica, concessionaire of the airport of Brasilia, and CEO of Lifemed, a company that develops products for hospitals and the health sector.
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is publicly traded on the TSX and a leading diversified producer of medical cannabis through its wholly owned subsidiaries Tweed, Bedrocan Canada, and Tweed Farms. The Company operates a collection of diverse brands and curated strain variety, supported by over half a million square feet of indoor and greenhouse production capacity.
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. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation
For further information: Contacts: Jordan Sinclair, Director of Communications, [email protected], 855-558- 9333 ex 309; Tyler Burns, Investor Relations, [email protected], 855- 558-9333 ex 122; Director: Bruce Linton, Chairman and CEO, [email protected]