Canopy Growth has entered into the agreement with German-based pharmaceutical company Dermapharm Holding SE.
The company will be selling its subsidiary cannabinoid business, C³ Cannabinoid Compound Company GmbH (C3), to European pharmaceutical company, Dermapharm, in Grünwald, Germany.
Canopy Growth has said the decision to make the sale supports its strategic focus on driving demand for cannabis and cannabinoid-based consumer products.
Canopy Growth CEO, David Klein, commented: “Canopy is maturing as a consumer product company – leveraging our market focus, innovation, and R&D strength to produce cannabis and cannabinoid-based products that make a positive impact on consumers lives.
“We remain committed to serving the medical cannabis market as a channel and will continue to do so by leveraging our existing high-quality supply of Canadian cannabis products to meet patient demand globally.
“I would like to thank the C³ team members for their hard work, dedication, and commitment to building the successful business that C³ is today.”
C³ develops and manufactures pharmaceutical products and is comprised Spectrum Therapeutics, based in Neumarkt-in-der-Oberpfalz, Germany, THC Pharm, The Health Concept, based in Frankfurt, Germany, and Spectrum Therapeutics Austria, based in Vienna, Austria.
Canopy says it is continuing its evolution into a CPG-modelled organisation and that it will continue to leverage its high-quality supply of Canadian cannabis products for the medical channel in its core international markets, including Germany.
As a result of the sale of C³, Canopy has also said that it is expected to avoid future operational complexities associated with the business and is significantly reducing short-term capital investment requirements.
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