Partnership with Entourage Phytolab Will Create Bedrocan Brazil and Conduct Clinical Trials Pursuant to Registration of Cannabis-Based Medicines
Press Release: June 28, 2016 Ι 6:30 AM
TORONTO /CNW/ - Canopy Growth Corporation (TSX.V:CGC) ("CGC" or "Canopy Growth"), announced today the closing of an agreement with São Paulo-based Entourage Phytolab S.A. ("Entourage"), which will see its wholly-owned subsidiary Bedrocan Canada Inc. ("Bedrocan Canada"), Bedrocan International BV (formerly Bedrocan Beheer BV) and local Brazilian partners create a new company called Bedrocan Brazil S.A., which will facilitate the importation of Bedrocan's proprietary standardized cannabis varieties and know-how into the Brazilian market. Additionally, Canopy Growth will partner with Entourage to develop cannabis-based pharmaceutical medical products for the Brazilian and international markets.
Bedrocan Brazil will hold the sole local rights to use the Bedrocan brand, as well as the genetic material and cultivation technology of Bedrocan in Brazil. Initially, Bedrocan Brazil will import cannabis products into Brazil from Canada or the Netherlands, with a view to eventually establishing domestic cultivation facilities in Brazil.
"We are extremely excited to be launching this initiative to bring Bedrocan's world-leading cannabis genetics to patients in a market with a population in excess of 200 million," said Marc Wayne, President of Bedrocan Canada. "The team that comprises Bedrocan Brazil is well positioned to succeed. They have established themselves as legitimate players with the technical expertise required to advance Bedrocan's globally-recognized medical cannabis brand and world leading cultivation technology in Brazil."
In addition, Canopy Growth will partner with Entourage to use the medical cannabis provided by Bedrocan Brazil to develop innovative medical cannabis products for the Brazilian and international markets. Entourage will be responsible for developing the standardized cannabis extracts for pre-clinical and clinical trials. It is anticipated that product clinical trials will begin in 2016 and be completed by the end of 2017, targeting submission for market approval by ANVISA, the Brazilian health surveillance agency, by 2018.
Entourage has obtained authorization from ANVISA for the research and development of cannabis-based therapeutics, and has the ability to import cannabis flowers into Brazil for research and development purposes.
Through in-depth market research and patient outreach, Entourage has developed an unmatched understanding of the needs of Brazilian patients and looks forward to serving those needs with world-class products. Brazilians currently import their medical cannabis products from other jurisdictions, this partnership will eventually allow Brazilians to access their medication more efficiently by moving the production inside Brazil's borders.
"Brazil represents a large emerging market, and has a favourable regulatory framework for medical cannabis products as well as competitive clinical trial and production costs, and for those reasons it's a perfect market for the Bedrocan brand," said Bruce Linton, Chairman and CEO of Canopy Growth Corporation. "Through the Bedrocan International and Canopy Growth partnership, we've developed a unique offering of expertise here in Canada that's now recognized around the world, an advantage we will leverage as we continue to pursue global markets."
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. Through its wholly-owned subsidiaries, Tweed, Tweed Farms, and Bedrocan Canada, Canopy Growth operates three state-of-the-art production facilities with over half a million square feet of indoor and greenhouse production capacity. Canopy Growth has established partnerships with leading sector names in Canada and abroad. For more information, www.canopygrowth.com
About Entourage Phytolab
Entourage Phytolab is the first Brazilian pharmaceutical research and development company focused on the creation of cannabis-based medicines. Its mission is to offer the therapeutic potential of Cannabis (cannabis sativa) and increase its accessibility for doctors and patients from Brazil and the world. The company's name is inspired by the called effect entourage - combined action of several plant compounds.
About Bedrocan International B.V.
With its headquarters in The Netherlands, Bedrocan International B.V. is the owner of the intellectual property on the standardized production techniques developed through decades of growing experience. It's the only company in the world currently producing standardized, whole-flower medicinal cannabis. Through a combination of stable plant genetics and proprietary, automated, high-tech production techniques, Bedrocan International has the capacity to grow varieties that contain consistent levels of cannabinoids and terpenes every time. Bedrocan International produces for a number of international governments which make the medicinal cannabis available under special access conditions as an unapproved drug. Bedrocan International strives to bridge the gap between patients' needs for cannabis and the quality standards of modern medicine. They do this through an active research program and a commitment to sharing their knowledge through scientific publication. They believe herbal cannabis can, and should, meet all of the existing regulations for medicines.
For more information, www.bedrocan.com
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward looking statements 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 involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth Corporation, Tweed Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include future operational and production capacity, the impact of enhanced infrastructure and production capabilities, and forecasted available product selection. The forward-looking statements included in this news release are made as of the date of this news release and Canopy Growth Corp. does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation
For further information: Media Contact: Jordan Sinclair, Jordan@tweed.com, 855-558-9333 ex 309; Investor Contact: Tyler Burns, Tyler.firstname.lastname@example.org, 855-558-9333 ex 122; Director, Bruce Linton, email@example.com