The acquisition of a German cannabis company will bring together Canopy Growth’s disparate medical pot operations under a singular brand, the Smiths Falls-based firm announced Tuesday.
Canopy Growth said in a release the new Spectrum Therapeutics brand will unite its existing Spectrum Cannabis and Canopy Health Innovations branches with the firm’s recent acquisition, C3 Cannabinoid Compound Co., a Germany-based medical cannabis firm. Canopy announced last week it had purchased the company, which develops prescription cannabinoid-based products targeting the burgeoning European medical cannabis market, in an all-cash deal valued at $342.9 million.
Canopy said in a statement that unifying C3 with its other medical cannabis operations under the Spectrum Therapeutics brand will effectively create a global health-care enterprise. The incorporated operations include medical cannabis product development, education and clinical research.
C3's main medicinal offering is dronabinol, a compound with standardized concentrations of THC, the main psychoactive compound in cannabis. With five medicines available on the market, the German firm brought in revenues of $41.5 million in 2018.
C3 has two manufacturing facilities specializing, respectively, in natural extraction and synthetic cannabinoid production.
Canopy Growth announced separately last week that it will work with C3’s founding company, Bionorica SE, on research and distribution opportunities in the European market.
– With files from Canadian Press