Spectrum (SBUK) building European cannabis production and distribution network
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) updates progress in the UK and Poland where Spectrum Cannabis continues to build a sophisticated, European cannabis production and distribution network serving the needs of physicians and patients.
Spectrum Biomedical UK (SBUK) is focused on providing access to cannabis-based medicinal products to patients with severe unmet clinical needs. SBUK was formed as a joint venture between CGC and Oxford-based research-company Beckley Canopy Therapeutics to address a growing need for quality, standardized cannabis-based medicinal products. Under the British government's new classification, which took effect November 1, specialist doctors in the UK can prescribe cannabis-based medicines to patients managing a wide range of symptoms from chronic pain, chemotherapy-induced nausea, to muscle spasticity for those with multiple sclerosis. Following the launch, SBUK has the opportunity to introduce Spectrum Cannabis medicinal cannabis products to UK patient groups and doctors. Spectrum UK will also engage in physician education.
The combination of these actions will help build capacity within the UK healthcare sector, providing patients reliable access to Spectrum Cannabis products and information physicians can use to support them in their practice.
Canopy Growth's Toruń-based team, Spectrum Cannabis Polska (SCP), successfully completed its first import of medical cannabis to Poland after completing a rigorous regulatory approval process to have the product assessed and approved for sale. In last week's import, SCP received its high-THC whole flower product, Red No. 2. SCP is a new entity and the fifth of its kind for the Company in European markets. According to the Polish Pharmaceutical Chamber, which represents about 15,000 pharmacies in Poland, it is estimated that up to 300,000 patients could qualify for medical cannabis treatment.