Canopy Growth Strengthens Position as Global Cannabis Research Leader by Entering Agreement to Acquire Beckley Canopy Therapeutics
SMITHS FALLS, ON—Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NYSE:CGC) is pleased to announce that it has entered into an agreement to acquire the global cannabinoid-based medical researcher Beckley Canopy Therapeutics (“Beckley Canopy”). The acquisition brings together Canopy’s wholly owned research program with the Beckley Canopy research platform which is partly owned by Canopy Growth in order to combine the best teams, programs and clinical work all under a single strategic plan. The research arm in turn directly supports the commercial efforts of Spectrum Therapeutics around the world. As part of the acquisition, Canopy Growth also acquires the outstanding shares in Spectrum Biomedical UK, the commercial arm of the Company in the United Kingdom, as that markets begins to develop into a commercially viable opportunity.
With the acquisition of C3, and Canopy Growth’s expanding research and development plans worldwide, the Company is solidifying its status as a truly global leader in cannabinoid research. Spectrum Therapeutics will leverage Beckley Canopy’s intellectual property, accelerate its comprehensive research programs, build evidence around the Company’s products and formulations and ultimately improve patient access to cannabinoid-based medicines globally.
“The acquisition of Beckley Canopy will allow Spectrum Therapeutics to continue expanding its medical cannabis leadership around the world, strengthening our foothold in the UK and more broadly across Europe – a region that wants to see stronger clinical evidence around cannabis-based medicines,” said Mark Zekulin, CEO, Canopy Growth Corporation. “We’re excited to continue working with the incredible management team at Beckley Canopy to accelerate our shared vision to create evidence-based cannabis formulations that will serve patients in need around the world.”
Beckley Canopy was formed as a joint venture in January 2018 between Beckley Research & Innovations (“BRI”) and Canopy Growth to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual property protection. The research platform combined European and North American-based leaders in cannabis research from BRI and Canopy Growth to create a strong and complementary UK-based European partnership. Since its inception, Beckley Canopy has made significant progress in three initial areas of research, namely cancer pain, opioid sparing, and smoking cessation, with further research in progress.
Once the acquisition is complete, Beckley Canopy will be fully integrated into the current Spectrum Therapeutics platform and management team in Europe, a region of focus for the Company as policy surrounding medical cannabis and patient access continues to evolve. The leadership team at Beckley Canopy has demonstrated a strong track record of success in the short period since its inception, and the senior research team boasts a combined 75 years of pharmaceutical research globally.
The acquisition remains subject to certain regulatory approvals and closing conditions, and if satisfied, is expected to close within the next 60 days.
Here’s to Future (European, pharmaceutical grade) Growth.
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