Canopy doubles cannabis production capacity, makes Czech acquisition

Ontario-based Canopy Growth continued its aggressive expansion, both domestically and internationally, further cementing its position as a leader in the global cannabis industry.

Gearing up to meet rising demand for medical cannabis and national legalization later this year, Canopy is nearly halfway to its goal of 5.6 million square feet of licensed production capacity in Canada.

The producer received permits for two more greenhouse facilities, doubling its current licensed domestic platform to 2.4 million square feet.

Jordan Sinclair, director of communications, said the company is not yet disclosing how many kilograms officials hope to cultivate.

Canopy also announced the acquisition of Annabis Medical, a Czech company that imports and distributes cannabis products in Czech pharmacies.

Financial terms were not disclosed.

Through Annabis, Canopy plans to distribute its Spectrum brand of MMJ.

The Czech medical cannabis sector at a glance:

  • The Czech Republic’s MMJ law came into effect in April 2013.
  • The law allows for prescriptions of 180 grams of dried cannabis per month.
  • Only specialized medical professionals (such as oncologists and psychiatrists) can prescribe cannabis, not general practitioners.
  • MMJ can only be prescribed to patients over 18 years of age.
  • THC levels cannot exceed 21%, and CBD is limited to 19%.
  • Conditions for which MMJ can be prescribed include dermatoses or chronic pain in connection with glaucoma.
  • Distribution takes place through pharmacies.

Canopy’s shares are traded on the Toronto Stock Exchange as WEED.