Canopy Growth has entered into the agreement with German-based pharmaceutical company Dermapharm Holding SE.
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.