11:19:50 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Canopy Growth Corp
Symbol CGC
Shares Issued 100,753,674
Close 2016-01-20 C$ 2.69
Market Cap C$ 271,027,383
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Canopy's CannScience receives OK for pot research

2016-01-21 07:16 ET - News Release

Mr. Jordan Sinclair reports

CANNSCIENCE INNOVATIONS MOVES TO NEXT STAGE OF PRODUCT DEVELOPMENT

Canopy Growth Corp.'s CannScience Innovations Inc., operating through a strategic collaboration with the University Health Network, has obtained regulatory approval to conduct research on cannabis. Canopy Growth holds a 33-per-cent ownership stake in CSI through its October, 2015, acquisition of MedCannAccess.

As part of the launch of research and development activities, Tweed Inc., a wholly owned subsidiary of Canopy Growth, has made an initial transfer of cannabis to CSI.

"The current regulatory model has evolved to include non-inhaled forms of legal medical cannabis. Researching the next logical steps is a way to be ahead of the curve in a fast-paced industry," said Bruce Linton, chairman and chief executive officer of Canopy Growth.

With these approvals, and its collaboration with UHN, CSI intends to develop intellectual property related to extraction processes, methods to produce standardized products and new formulations. Once developed, CSI will initiate the required preclinical and clinical testing for approval of new therapeutic products by regulatory bodies in Canada and internationally. CSI may explore a number of product variants, including products related to its exclusive worldwide license of Generex Rapidmist technology platform to develop innovative cannabinoid delivery systems.

This is an important first step toward developing safer, standardized, metered products in non-smokable form that fit the definition of cannabis as medicine.

We seek Safe Harbor.

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