Removal of narcotic status for cannabis expected
to accelerate growth of the German medical cannabis
market
SMITHS
FALLS, ON, March 22, 2024 /PRNewswire/ - Canopy
Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED)
(Nasdaq: CGC), a world-leading diversified cannabis company,
celebrates the German government's final approval legalizing
cannabis, as well as advancing a clear victory for enhanced medical
cannabis access.
As of April 1, 2024, cannabis will
officially be recognized as a non-narcotic in Germany, marking a monumental shift in the
legal treatment and cultural acceptance of cannabis. This landmark
decision will enable adult German consumers to consume cannabis
legally and without fear of prosecution.
In addition to the cultural significance of Germany's cannabis legalization progress,
these changes present a unique opportunity for Canopy Growth to
expand its commercial presence in the country through the
German-based and world renowned Storz & Bickel vaporizer brand,
as well as the Company's medical cannabis product offerings through
Canopy Medical which collectively position Canopy Growth as a top
three player in the German cannabis industry.
For Storz & Bickel, the legalization of recreational
cannabis as well as the expected growth of the medical cannabis
market in Germany present exciting
growth opportunities for the brand's full range of vaporizers.
"This legislation represents a very important and long-overdue
step to end the criminalization of cannabis in Germany and sets an important example for the
whole of Europe," said Jürgen
Bickel, Managing Director of Storz & Bickel GmbH. "With more
than 20 years working in the cannabis industry, constantly
advocating for legalization in Germany, I'm proud that consumers will now
have a safe and legal environment for cannabis consumption and that
Storz & Bickel will be there to provide the highest quality
vaporization devices from a proud German brand."
For Canopy Medical, the classification of cannabis as a
non-narcotic is expected to prompt more patients to proactively
engage with their physicians regarding medical cannabis,
immediately paving the way for increased access, education, and
awareness.
"The re-classification of cannabis as a non-narcotic is a
game-changer for patients and physicians who will be empowered to
better explore cannabis as a viable treatment option for an
expanded range of condition," said Tara
Rozalowsky, Chief Growth Officer & President,
International, Canopy Growth. "We are thrilled to be able to
continue serving the medical community by delivering high-quality
cannabis products that meet patient needs and we look forward to
increasing our already leading presence in the German medical
cannabis market."
Additionally, the Company is committed to playing a leading role
in driving awareness through educational initiatives at medical
conferences, sponsored programs, and through continued
collaboration with the German medical community as medical cannabis
takes an even greater presence in the treatment of a range of
common conditions.
Congratulations Germany.
About Canopy Growth
Canopy Growth is a leading North American cannabis and consumer
packaged goods ("CPG") company dedicated to unleashing the power of
cannabis to improve lives. Through an unwavering commitment to our
consumers, Canopy Growth delivers innovative products with a focus
on premium and mainstream cannabis brands including Doja, 7ACRES,
Tweed, and Deep Space. Canopy Growth's CPG portfolio includes
gourmet wellness products by Martha Stewart CBD, and category
defining vaporizer technology made in Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to
realize the opportunities presented by the U.S. THC market through
its rights to Acreage Holdings, Inc., a vertically integrated
multi-state cannabis operator with principal operations in densely
populated states across the Northeast, as well as Wana Brands, a leading cannabis edible brand in
North America, and Jetty Extracts,
a California-based producer of
high-quality cannabis extracts and pioneer of clean vape
technology.
Beyond our world-class products, Canopy Growth is leading the
industry forward through a commitment to social equity, responsible
use, and community reinvestment—pioneering a future where cannabis
is understood and welcomed for its potential to help achieve
greater wellbeing and life enhancement.
For more information visit www.canopygrowth.com
References to information included on, or accessible through,
our website do not constitute incorporation by reference of the
information contained at or available through our website, and you
should not consider such information to be part of this press
release.
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SOURCE Canopy Growth Corporation