Canopy Growth (TSX: WEED), a leading, diversified, global cannabis producer based in Smith Falls, Ontario with quarterly revenue of $16 million, announced it signed an exclusive licensing agreement with SkinVisible (OTCQB: SKVI), an R&D company with a patented drug delivery system, to market products in Canada, the USA, and other countries.
The agreement covers two product lines. The first will be topical hemp-based products, created by SkinVisible, to be launched by Canopy in Canada and the USA. The second, when federal regulations allow it, will be CBD- or THC-infused topical products for sale in Canada.
The topical hemp product will immediately impact Canopy’s hemp business. When allowed, the THC- and CBD-infused products will help Canopy achieve its strategy to expand its product line, and dominate shelf space.
Canopy currently operates over half a million sq ft of indoor cannabis production facilities. It has interests and operations on four continents.
Canopy stock climbed 5.6% on the news, on volume of 2.3 million shares. The company has a market cap of C$1.94 billion.
Source: SkinVisible press release