Two days after announcing an agreement to extend its reach into Europe, Smiths Falls-based Canopy Growth Corp. says it has inked a deal to bolster its presence Down Under.
Canada’s largest licensed cannabis producer said Wednesday it will be the exclusive supplier of medical cannabis in the Australian market for AusCann Group Holdings. As part of the deal, Canopy said it will transfer “a range of medicines” to the AusCann for research and sale in Australia.
Canopy Growth (TSX:WEED) already owns a minority stake in the Perth-based company, and Canopy CEO Bruce Linton is a member of the firm’s board of directors. AusCann received its licence to grow medical pot in May and announced it would import cannabis from Chile in partnership with Canopy Growth until its own growing facility was operational.
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In a statement, Canopy Growth said the Australian market, which experts estimate to be worth $100 million per year, “continues to present attractive growth opportunities for medical cannabis.” The company said the agreement allows it continue to pursue other opportunities in Australia.
It’s the second international agreement for Canopy Growth this week. On Monday, the firm announced it had signed a supply license agreement with Spanish pharmaceutical producer Alcaliber.
Mr. Linton has made no secret of his desire to take Canopy Growth global.
“We want to be really not very Canadian. We want to dominate the world,” he said in a speech to local business leaders last year.
Canopy Growth shares were down 0.7 per cent to $10.01 in midafternoon trading on the Toronto Stock Exchange Wednesday.
