Through a joint venture between two cannabis industry titans, Canopy Growth Corporation (NYSE: CGC) and Beckley Canopy Therapeutics (Beckley Canopy) have created Spectrum Biomedical UK (Spectrum UK). Spectrum UK intends to be the sole distributor of Spectrum Cannabis’ medical cannabis products to the UK market. The entity was formed in a time of necessity for patients who need access to high-quality and standardized consistency of medical cannabis products in the UK. Demand for medical cannabis products has only just begun to grow in the UK as the country began medical cannabis prescriptions from specialized doctors on November 1st of 2018.
Co-Managing Director of Spectrum Biomedical UK, Mark Wayne, stated: “We are witnessing the birth of the UK medical cannabis industry, an industry borne out of the unmet clinical needs of patients across the country. The formation of Spectrum UK is testament to the importance of the opportunity to help patients access the medicine here in the UK.”
Beckley Canopy Therapeutics will assist with its cannabis science research experience and local management team, while Canopy Growth focuses on its experience and expertise in production and pharmaceutical-grade cannabis product formulation.
Dr. Mark Ware, Chief Medical Officer of Canopy Growth Corporation, stated: “There is significant real-world and clinical evidence supporting the safety and effectiveness of cannabis-based medicinal products. However, due to the current regulations and lack of education about medicinal cannabis among clinicians in the UK, there remain considerable obstacles to patient access. Spectrum UK has the expertise and ambition to simplify the UK medicinal cannabis landscape and ensure access to cannabis-based medicinal products for patients with great clinical unmet need.”
Canopy Growth Corporation also announced that its medical cannabis team in Toruń, Poland, Spectrum Cannabis Polska, has completed its first import of medical cannabis. The team finished its importation after it completed a rigorous process of regulatory approvals. The imported medical cannabis was assessed and approved for sale by regulatory officials.
“This shipment is an important first step in a new European market towards building our pan-European operations,” said Dr. Pierre Debs, Managing Director at Canopy Growth Europe. “We continue to follow our overall plan of self-sufficiency in Europe to be able to best provide individuals with high-quality medical cannabis.”
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