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SMITHS FALLS, Ontario, Dec. 3, 2019 /PRNewswire/ -- Canopy Growth Corporation, ("Canopy Growth"), 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.
Learn more by visiting spectrumtherapeutics.com.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. Canopy Growth has operations in over a dozen countries across five continents.
Canopy Growth's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 10.5 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit www.canopygrowth.com
About Spectrum Therapeutics
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, commercializable 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 categorize 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.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include "aimed to reduce stigma in the workplace on the use of cannabis as a medicine", and "content will also include video resources featuring medical cannabis subject matter experts and fact sheets" . Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including content development and such risks contained in the Company's annual information form dated June 24, 2019 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
For further information - Canopy Growth, Ben Quirin, Regional Managing Director, APAC, Ben.Quirin@canopygrowth.com
(+)61466 231 441; Tyler Burns, Investor Relations, Tyler.burns@canopygrowth.com, 855-558-9333 ex 122
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