Canopy Growth Corporation (NYSE:CGC) (TSX:WEED) is expected to infiltrate the newly approved UK medical cannabis industry in the first half of 2019, the Telegraph reported on December 28th. The world’s largest canopy company will operate out of its UK subsidiary Spectrum Biomedical. Today, we’ll take a closer look at the company’s new venture, as well as CGC stock.
Spectrum Biomedical UK Venture
Mark Ware, Canopy Growth’s Chief Medical Officer, told the Telegraph that Spectrum Biomedical would import and distribute cannabis to UK pharmacies in either Q1 or Q2 of 2019.
“We take cannabis very seriously indeed as a medicine,” Ware said. “We have as close to a pharmaceutical-grade product as we can without the approval.”
Spectrum will offer UK doctors a color-coded chart to help them choose the right products for their patients. Each shade in the chart will represent a different ratio or TCH and CBD. Canopy Growth’s push into the new UK medical cannabis market will likely have a positive effect on CGC stock in 2019.
After the distribution of its products in the UK, Canopy plans to start its first clinical trial. The cannabis company wants to test the effectiveness of cannabis for pain relief with cancer patients.
“The UK’s change in the law around medicinal cannabis use is an opportunity to build research programmes here and support patient access,” Ware explained.
“The Canadian experience teaches us it’s a slow process. This is a drug that has a lot of stigma and is misunderstood, so there is anxiety among doctors, regulators, patients, and policymakers. But in the end, it’s a family of compounds that have tremendous therapeutic potential.”
CGC stock started the morning in the red on the NYSE.
CGC Stock Movement
According to Yahoo Finance, CGC is trading at $28.55 a share on the NYSE, down -$0.37 (-1.27%). On the TSX, WEED stock is now trading green at $39.42 a share, up +$0.14 (+0.36%).
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