SMITHS FALLS, ON, Sept. 19, 2016 /CNW/ - Canopy Growth Corporation (Canopy Growth) (TSX: CGC) has entered into an agreement with Delivra Inc. (Delivra) (TSX.V: DVA) to supply Canopy Growth's operating subsidiaries, including Tweed Inc. and Bedrocan Canada Inc., with cannabis-infused topical product formulations.
Topical cannabis products have proven market demand but have yet to be created for the legal medical cannabis market in Canada. By teaming with Delivra, Tweed will be able to offer customers a unique product suite, produced to exacting standards and presented alongside a wide and growing range of cannabis options. Delivra has created a new topical formulation for this express purpose, to be made exclusively available in Canada from Tweed.
"Our product lines are about variety," said Bruce Linton, Chairman and CEO of Canopy Growth. "Increasingly, variety means more than dried cannabis strains. It means lotions, pills, and other forms of cannabinoid delivery that don't involve inhaling smoke. Delivra has built a reputation for innovative and proven leadership in transdermal applications and we're pleased to be working with them to provide a best-in-class cannabis delivery solution for our Canadian customers."
Delivra and Canopy Growth are also collaborating on a series of studies to reinforce the body of scientific evidence surrounding the transdermal application of cannabinoids. The companies anticipate that transdermal cannabinoids could be an effective therapeutic option for a range of conditions.
"Cannabinoid therapy is a rapidly emerging field of medicine, quickly demonstrating its applicability to a range of acute and chronic indications, in particular those related to pain management", said Dr. Joe Gabriele, founder and CEO of Delivra. "We are very pleased to be working with Canopy Growth, the Canadian market leader, to provide innovative topical solutions, both for localized and systemic delivery, according to the need of the patient and the condition."
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly-owned subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, Canopy Growth operates three state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information, www.canopygrowth.com.
Delivra is a developer of transdermal technologies for the delivery of pharmaceutical and natural molecules, through the skin, rather than via pills. Delivra manufactures and sells a growing line of natural topical creams under the LivReliefTM brand, for conditions such as joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance. LivRelief products are available in pharmacies, grocery chains, and independent health food stores across Canada, and on-line at www.livrelief.com. LivRelief products were launched for on-line sales in the United States in Q4 2015. In parallel with its consumer products business, Delivra also has a mandate to license its unique, proven, and patent-pending delivery platform to global pharmaceutical companies for the transdermal delivery of third party active ingredients to treat a broad range of conditions. With a global transdermal drug delivery market forecast to grow to USD $40 billion by 2018 (Source: Kelly Scientific), Delivra believes the licensing opportunity is robust. Delivra is headquartered in Burlington, Ontario and has a research and development laboratory in Charlottetown, PEI.
Notice Regarding Forward Looking Statements
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 Corp. 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.
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SOURCE Canopy Growth Corporation
For further information: Jordan Sinclair, Director of Communications, [email protected], 613-769-4196; Tyler Burns, Investor Relations, Canopy Growth Corporation, [email protected], 1-855-558-9333 ex 122; Nicole Marchand, Investor Relations, Delivra Corp., [email protected], 416-428-3533; Chris Schnarr, President and CFO, Delivra Corp., [email protected], 905-639-7878