Canopy Growth Corp. (CGC) (WEED) got a license to set up a facility in the UK. The new facility will be used to store and dispense medical cannabis products. Additionally, the cannabis company signed a supply deal with Luxembourg.
Spectrum Therapeutics is the Canopy Growth’s medical division. CGC already has facilities in many European countries like Denmark, Australia, Spain, etc. Also, the company holds partnerships with several other countries. The company continues to grow in European countries with a new license in the UK and a supply deal in Luxembourg.
The new facility in the UK
MHRA (Medicines and Healthcare products Regulatory Agency) issues licenses for special products and CBPMs (corporate business process management system). Canopy Growth got the license under MHRA ‘specials’ program. To get the license, the cannabis company’s brand Spectrum therapeutics went through strict initial inspection by MHRA. With this license, Spectrum Therapeutics can now store and dispense medical cannabis products in the UK. As a result, Canopy Growth stands to gain from the cost savings on overheads and distributions. Also, this will lower the delivery time to the patients.
Additionally, Spectrum can import CBPMs from other Spectrum facilities. This will allow the company to better its supply chain. Thus, it is necessary for this cannabis company to continue working with MHRA to optimize this opportunity in the given framework.
Managing Director of Spectrum Therapeutics UK Cosmo Feilding Mellen said, “We are delighted to have been granted licenses from both the MHRA and Home Office to provide a solution to one of the most significant barriers for access in the UK.” He added that CGC has already installed a cost-effective UK base to cater to the requirements of the patients. As per Mellen, the company is working with the legal departments to deliver continuous and timely treatment for the patients.
CGC’s supply deal in Luxembourg
Spectrum Therapeutics also signed a supply deal with Luxembourg. In other words, Spectrum Therapeutics will be the sole supplier of cannabis-based medicinal products. The deal will last until December 31, 2021. CGC already has the necessary authorizations to import medical cannabis products. Global Spectrum facilities like Denmark will send cannabis medicines to Luxembourg.
Last year, Luxembourg legalized the use of medical cannabis. Under the new legislation, trained professionals can prescribe cannabis medicines to patients with serious needs, such as cancer and chronic diseases. Earlier, Canopy Growth sent cannabis medicines to Luxembourg‘s Division de la Pharmacie et des Medicaments.
Co-Managing Director for Europe Paul Steckler said, “We are proud to share news of this decision from the government of Luxembourg, connecting patients to medicine supplied through our European platform, Luxembourg is a country with big ambitions when it comes to medical cannabis, and we are excited to have earned the opportunity to supply this new market.”