Canopy Growth Corporation Receives Major Project Status From the Australian Government
SMITHS FALLS, ON - Canopy Growth Corporation, ("Canopy Growth") (TSX: WEED) (NYSE: CGC), with its medical division Spectrum Therapeutics, is pleased to announce that it's application for Major Project Status (MPS) has been granted by the Australian Federal Governments Department of Industry, Science and Technology. With MPS granted, Canopy Growth licence applications will be prioritised through the Office of Drug Control in the Department of Health. In September 2019, the Department of Health and Department of Industry announced that they would boost the Australian medicinal cannabis industry by prioritising projects that have been granted MPS to boost the local medicinal cannabis industry and helping patients living with chronic or terminal illnesses. More than 20,000 prescriptions have been written for medicinal cannabis since 31 October 2019.
Spectrum Therapeutics has committed to investing over AUD$50 million in the region to create over 200 direct full time jobs, in a market where patient approval rate is growing over 1000% since 2018. The facility will enable the production of world-class pharmaceutical grade medicinal cannabis to meet the immediate and future needs of domestic patients while also supporting expansion into other regional markets. “With Major Project Status, Spectrum Therapeutics is now able to expedite and deliver locally produced pharmaceutical-grade medicinal cannabis products for patients across Australia, New Zealand and into Asia, as well as create over 200 new jobs in this fast-growing industry sector," said Ben Quirin, Regional Managing Director, APAC, Canopy Growth. “Medicinal cannabis is a global growth industry. With Canopy Growth establishing their Asia Pacific headquarters here, the stage is set for regional Victoria to dominate an entirely new industry and export trusted Australian medical products to the world,” said the Minister for Industry, Science and Technology, the Hon. Karen Andrews.
Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX: WEED, NYSE: CGC), is dedicated to educating healthcare practitioners, furthering the public's understanding of medical cannabis and its various applications, and cutting edge, commercialisable research and IP development. Founded in Canada, Spectrum Therapeutics operates in Australia, South America, Africa and across Europe. Its products are available in a wide range of potencies and formats designed to simplify the dialogue around strength and dosage by applying a colour-coded spectrum to categorise medical cannabis according to THC and CBD levels.
Spectrum Therapeutics' offerings include whole flower cannabis, oils and new innovations such as Softgels in addition to single cannabinoid medicine Dronabinol under the brand Bionorica Ethics. Through product simplification, robust clinical research and ongoing education of healthcare professionals, Spectrum Therapeutics is committed to addressing the unmet medical needs of patients around the globe.