Canadian Cannabis Giant Makes a Huge Investment in Europe
The global cannabis community is growing closer and closer, and the International Cannabis Business Conference has had a front row seat over the last five years as federal policies around the world have opened up commerce across national borders. Canadian companies have benefitted the most, taking advantage of the Great White North’s progressive policies to gain capital and market access that other’s don’t have (yet). We’ve seen landmark deal after landmark deal struck in recent years and Canadian players don’t seem to be slowing down as it was just announced that Canopy Growth made a huge investment in Europe by purchasing the German company C3, the continent’s largest cannabinoid-based pharmaceuticals company, for $254 million. Barron’s reported:
C3 manufactures and distributes dronabinol—a cannabinoid that is used to ease the symptoms of cancer treatment and HIV/AIDS-induced Anorexia. It is a registered pharmaceutical drug in Germany, Austria, Switzerland, and Denmark, and has been approved by the U.S. Food and Drug Administration.
In 2018, C3 supplied about 19,500 patients in Germany with dronabinol and reached $30.31 million in cannabinoid product sales worldwide. C3 also holds patents related to cannabis, “including extraction technology and the synthetic production process,” and has several cannabis-related clinical trials under way.
“This acquisition will allow us to offer more options to physicians across Europe, accelerate our commercial sales and increase our economic footprint on the continent, and drive forward new innovations,” Canopy Co-CEO Bruce Linton said.
As more nations move towards fully legalizing both medicinal and adult-use cannabis, we can expect to see businesses move across international borders to consolidate across various sectors of the industry. Just as we’ve seen companies vertically integrate from seed-to-sale, it is interesting to see cannabis companies move into the pharmaceutical industry as cannabis-based medicines advance along with regulations and standardization.
There is no better place to learn the latest or network with top investors and entrepreneurs than the International Cannabis Business Conference. Up next: ICBC Zurich, a team-up with CannaTrade. Get your tickets today!