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Canopy launches Brazil joint venture

The two firms will work together to develop cannabis-based therapeutics products
cannabis leaves
Canopy wants to exploit the cannabis-based therapeutics market in Brazil

Cannabis firm Canopy Growth Corporation (CVE:CGC) has agreed a deal with São Paulo-based Entourage Phytolab to develop medicinal products in Brazil.

The deal will see the two firms work together to develop innovative cannabis-based medical products for the Brazilian and international markets.

“Brazil represents a large emerging market, and has a favourable regulatory framework for medical cannabis products as well as competitive clinical trial and production costs,” said Canopy chairman and chief executive Bruce Linton.

Entourage already has permission from ANVISA – the Brazlian health surveillance agency – for the research and development of cannabis-based therapeutics.

The JV will take on the name Bedrocan Brazil as Canopy already has a North American subsidiary called Bedrocan Canada.

The agreement will allow the JV to hold the exclusive local rights to use the “world-leading” Bedrocan brand.

Canopy says that Bedrocan Brazil will import cannabis products from Canada or the Netherlands initially, with a view to establishing domestic cultivation facilities in Brazil in the future.

Shares in Canopy were unchanged at C$2.67.

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