Ontario-based Canopy Growth Corporation recently announced that its subsidiary, Tweed, Inc. has been approved to begin exporting medical cannabis to Germany, according to a company press release.
The move is seen as an important milestone for Canopy Growth, as it is the first time dried cannabis is being exported from a Canadian producer to a European country.
“Introducing Tweed product to German medical cannabis patients is an exciting and groundbreaking event,” said Bruce Linton, Chairman and CEO of Canopy Growth. “Patients will soon have a new choice in variety for their medical cannabis, and we are honored to be involved in the changing landscape for German access and choice.”
While Germans can purchase MMJ in pharmacies for a variety of medical conditions, there is no domestic cannabis production as of yet.
“Until government-controlled cultivation in Germany is established, which presupposes cannabis agency, the medical cannabis supply will be covered by import,” German Health Minister Hermann Gröhe told RT News, adding that pot was mainly imported from the Netherlands.
Now Tweed will pick up the slack, as it intends to initially export two strains with the potential to expand as opportunities arise.
“This is a very substantial market, and it’s probably the best place to enter the European Union from,” Linton told New Cannabis Ventures.
In other good news for Canopy Growth Corporation, the company announced it had received final approval to list its shares on the Toronto Stock Exchange (TSX).
“Being the first cannabis producing company in North America listed on a major exchange such as the TSX strengthens the sector and helps signal that the world’s view of cannabis has finally shifted, starting right here in Canada,” Linton said in a statement reported by Market Watch.
After being warmly welcomed into German pharmacies and now by the Toronto Stock Exchange, Canopy’s shares jumped 14 percent — up 9.1 percent this year — on track for a third annual advance, according to Bloomberg News.