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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