Mr. Tyler Burns reports
CANOPY GROWTH PROVIDES OPERATIONAL UPDATE REGARDING LICENSING ARRANGEMENT WITH BEDROCAN INTERNATIONAL
Canopy Growth Corp. and its subsidiary, Bedrocan Canada Inc., have reached an agreement with Bedrocan International BV, together, to bring the parties' licensing arrangement to a close. As part of the agreement, Bedrocan Canada and Bedrocan International will discontinue the previously announced arbitration proceedings.
Under the terms of the agreement, BC will decrease and then end the production and sale of Bedrocan products within the calendar year. Canopy Growth will retain the licensed production facility, licensed sales facility and all associated licenses owned and operated by Bedrocan Canada. Management will redeploy these facilities, free of the current royalty structure and fixed production practices, to develop new premium-branded cannabis offerings.
Also, parties agreed to a moratorium with immediate effect, that will allow BI to recommence business in the Canadian market from Jan. 1, 2020, and the South American market from June 7, 2019.
About Canopy Growth Corp.
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.
Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few.
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