Unter the terms of the agreement, Canopy will pay approximately CAN-$2.5m (€1.6m). Particularly, the company will issue 50,735 common shares valued at CAN-$1,491,882.70 (€958,000) on closing. Subject to meeting certain milestones, Canopy will issue up to an additional 34,758 common shares valued at CAN-$1,022,080.00 (€656,660).
Annabis Medical is the leader in the Czech Republic's medical cannabis industry and currently imports and distributes cannabis products pursuant to federal Czech licenses, with products for sale through pharmacy channels across the Czech Republic. Its founder and CEO, Dr. Robin Kazík, will continue to lead and grow the Czech subsidiary as part of the larger Canopy Growth family.
The acquisition of Annabis Medical will build on Canopy Growth's position of leadership in the European medical cannabis space and follows the recent partnership and supply agreement with Spanish pharmaceutical leader Alcaliber S.A. Additionally, Canopy Growth currently supplies the German market through its subsidiary, Spektrum Cannabis GmbH, and has formed a partnership, Spectrum Cannabis Denmark ApS, which is licensed to cultivate cannabis in a 40,000 square meter greenhouse production facility located in Odense, Denmark. These assets, combined with Canopy Growth's unparalleled Canadian production and sales platforms, represent the world's largest and most diversified cannabis platform.
In Germany, a public tender of Germany’s regulatory agency Bfarm over 6.6 tonnes of medical cannabis was stopped in April by a District Court (OLG Düsseldorf, Az.: VII-Verg 40/17) due to a formal error. The 118 companies, which have applied, now must wait until the next public tender for 2020.
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Canopy Growth Corp. is growing its medical cannabis business in Europe with the acquisition of Czech market leader Annabis Medical sro.
