Canopy Growth Corporation has entered into an agreement to acquire the global cannabinoid-based medical researcher Beckley Canopy Therapeutics for an undisclosed fee.
The acquisition brings together Canopy’s wholly-owned research program with the Beckley Canopy research platform which is already partly owned by Canopy Growth.
As part of the acquisition, Canopy Growth also acquires the outstanding shares in Spectrum Biomedical UK, the commercial arm of the company in the United Kingdom.
Canopy Growth noted today that the UK is, in its eyes, beginning “to develop into a commercially viable opportunity”.
Canopy Growth’s own medical division, Spectrum Therapeutics will, according to a press release, “leverage Beckley Canopy’s intellectual property, accelerate its comprehensive research programs, build evidence around the company’s products and formulations and ultimately improve patient access to cannabinoid-based medicines globally”.
“The acquisition of Beckley Canopy will allow Spectrum Therapeutics to continue expanding its medical cannabis leadership around the world, strengthening our foothold in the UK and more broadly across Europe – a region that wants to see stronger clinical evidence around cannabis-based medicines,” said Mark Zekulin, CEO, Canopy Growth Corporation.
“We’re excited to continue working with the incredible management team at Beckley Canopy to accelerate our shared vision to create evidence-based cannabis formulations that will serve patients in need around the world.”
Beckley Canopy was formed as a joint venture in January 2018 between Beckley Research & Innovations (“BRI”) and Canopy Growth to research and develop clinically validated cannabis-based medicines, with a focus on intellectual property protection.
The research platform combined European and North American-based leaders in cannabis research from BRI and Canopy Growth to create a strong and complementary UK-based European partnership.
Since its inception, Beckley Canopy has made significant progress in three initial areas of research, namely cancer pain, opioid sparing, and smoking cessation, with further research in progress.
Once the acquisition is complete, Beckley Canopy will be fully integrated into the current Spectrum Therapeutics platform and management team in Europe.
The acquisition remains subject to certain regulatory approvals and closing conditions, and if satisfied, is expected to close within the next 60 days.Cannabis Business Worldwide