Canopy Growth signed a strategic partnership to expand into Denmark and will invest 10 million Canadian dollars ($8.12 million) in the joint venture, continuing the flurry of activity in Europe by Canadian marijuana companies.
Canopy Growth will form a joint venture with Danish Cannabis ApS, to be called Spectrum Denmark, to serve the needs of Danish medical marijuana patients when MMJ sales begin there Jan. 1, 2018, the company said in a news release.
In addition to providing CA$10 million, Smiths Falls-based Canopy – traded on the Toronto Stock Exchange under the symbol WEED – said it will issue up to 1,906,214 common shares as part of the partnership.
According to Canopy, Danish patients’ access to cannabis has been limited to the sale of pricey compounds available from a single pharmacy. Canopy said it is “confident” its own experience in MMJ production and formulation will spur Danes to prefer the joint venture’s oil and dried cannabis products.
Europe has been front and center for Canadian medical marijuana companies this month. Among the recent deals:
- Canopy Growth will supply medical marijuana seeds to the Spanish pharmaceutical company Alcaliber.
- Alberta-based Aurora started shipping medical marijuana to Germany.
- British Columbia-based Tilray plans to spend $24 million to build a medical marijuana facility in Portugal.
- Ontario-based Cronos Group will grow medical marijuana in Israel for export to Europe.
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