Canopy Growth Corporation continues to dominate the global cannabis market with expansion into the UK and Poland
Canada’s number one Licensed Producer and Jim Cramer’s favorite cannabis company, Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) announced on Monday the expansion of their global reach through a deal with U.K. cannabis researcher and Oxford-based research-company Beckley Canopy Therapeutics. Together, they formed Spectrum Biomedical UK, which aims to supply the continent with standardized medical cannabis therapies.
The U.K. government legalized medical cannabis for severe cases last November, making it available through a specialists doctor’s prescription. Medical cannabis became a national cause and an international story in England following the tale of Alfie Dingley, a child who suffers from epilepsy whose family fought for the right to use cannabis oil to help with his seizures.
— Canopy Growth (@CanopyGrowth) January 21, 2019
"There is significant real-world and clinical evidence supporting the safety and effectiveness of cannabis-based medicinal products,” said Dr. Mark Ware, Chief Medical Officer, Canopy Growth. “However, due to the current regulations and lack of education about medicinal cannabis among clinicians in the U.K., there remain considerable obstacles to patient access.”
He continued: “Spectrum UK has the expertise and ambition to simplify the UK medicinal cannabis landscape and ensure access to cannabis-based medicinal products for patients with great clinical unmet need."
Spectrum Cannabis Polska imports medical cannabis
Canopy Growth also made progress across the ocean in Poland, where their Toruń-based team, Spectrum Cannabis Polska imported medical cannabis for the first time following the completion of that country’s regulatory approval process. The company has now had their product assessed and approved for sale in Poland.
"This shipment is an important first step in a new European market towards building our pan-European operations," said Dr. Pierre Debs, Managing Director, Canopy Growth Europe in a statement. "We continue to follow our overall plan of self-sufficiency in Europe to be able to best provide individuals with high-quality medical cannabis."
Analysts continue to be bullish on Canopy, both on Bay Street and Wall Street, as the company remains the number pick among the investor class.
“[Canopy is] incredibly well-capitalized and well-managed with a reasonable likelihood of obtaining a market-leading position domestically, with a good head start on operations internationally,” wrote analyst John Zamparo, an analyst for CIBC who initiated coverage of Canopy last week with an outperformer rating and a price target of CA$65 ($49.09).
As of Monday morning, Canopy’s stock price was up 1.75 percent on the New York Stock Exchange, trading at $43.52 per share.