Storz & Bickel's Volcano Medic 2 Receives Medical Use Approval From Health Canada
SMITHS FALLS, ON & TUTTLINGEN, GERMANY – Storz & Bickel is pleased to announce that Health Canada has issued a Medical Device Licence for the new Volcano Medic 2 (License No.: 103842), an advanced cannabis vapourizer device for medical use. This licence permits distribution to medical institutions, clinics, and patients in Canada – including distribution through Spectrum Therapeutics, the medical cannabis division of Canopy Growth Corporation (TSX:WEED, NYSE:CGC). The device is currently available for purchase on Spectrum Therapeutics, Storz & Bickel’s online shop, and various medical cannabis clinics across Canada.
Storz & Bickel is known for their long history of high quality vapourizer manufacturing and they were the first company to manufacture medically-certified cannabis vapourizers, including the iconic original Volcano Medic.
The Volcano Medic 2, which has been approved for medical use in Europe, Australia, and now Canada, includes improved features for patients such as tenfold faster heat up times, an alternative tubular (direct-to-mouth) inhalation method in addition to the standard Valve Balloon, and an intuitive touch display that allows patients to set their desired temperature directly on the device. Patients can expect the same high-quality materials, impeccable craftsmanship, and unparalleled safe and combustion-free vaporization experience they’ve become accustomed to with all Storz & Bickel devices with the new reinvented Volcano Medic 2. Alongside their medically approved cannabis vapourizers, Storz & Bickel is known for manufacturing non-medical vapourizers in accordance with international technical safety standards, ensuring premium quality for each component part.
Due to its classification as a licensed medical device, the Volcano Medic 2 is eligible for tax deduction benefits in Canada or cost reimbursements by health insurance companies in Germany, similar to its predecessor and the Mighty Medic.
“Storz and Bickel is internationally-known for its best-in-class device design and manufacturing,” said Dr. Mark Ware, Chief Medical Officer, Canopy Growth. “This license will allow us to offer even more options for patients who may be interested in vapourizing whole-flower dried cannabis as an alternative method of medicating.”
In the past 12 months, Storz & Bickel updated several products in their existing portfolio, adding new features, improvements, and adjustments designed to increase user and patient experience, including the new Volcano Hybrid that was released in June and the Crafty+ that launched in November.
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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 7.5 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.
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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 “an unparalleled vaporization experience”.. 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 product availability 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.