Removal of narcotic status for cannabis expected to accelerate growth of the German medical cannabis market
SMITHS FALLS, ON, March 22, 2024 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (Nasdaq: CGC), a world-leading diversified cannabis company, celebrates the German government's final approval legalizing cannabis, as well as advancing a clear victory for enhanced medical cannabis access.
As of April 1, 2024, cannabis will officially be recognized as a non-narcotic in Germany, marking a monumental shift in the legal treatment and cultural acceptance of cannabis. This landmark decision will enable adult German consumers to consume cannabis legally and without fear of prosecution.
In addition to the cultural significance of Germany's cannabis legalization progress, these changes present a unique opportunity for Canopy Growth to expand its commercial presence in the country through the German-based and world renowned Storz & Bickel vaporizer brand, as well as the Company's medical cannabis product offerings through Canopy Medical which collectively position Canopy Growth as a top three player in the German cannabis industry.
For Storz & Bickel, the legalization of recreational cannabis as well as the expected growth of the medical cannabis market in Germany present exciting growth opportunities for the brand's full range of vaporizers.
"This legislation represents a very important and long-overdue step to end the criminalization of cannabis in Germany and sets an important example for the whole of Europe," said Jürgen Bickel, Managing Director of Storz & Bickel GmbH. "With more than 20 years working in the cannabis industry, constantly advocating for legalization in Germany, I'm proud that consumers will now have a safe and legal environment for cannabis consumption and that Storz & Bickel will be there to provide the highest quality vaporization devices from a proud German brand."
For Canopy Medical, the classification of cannabis as a non-narcotic is expected to prompt more patients to proactively engage with their physicians regarding medical cannabis, immediately paving the way for increased access, education, and awareness.
"The re-classification of cannabis as a non-narcotic is a game-changer for patients and physicians who will be empowered to better explore cannabis as a viable treatment option for an expanded range of condition," said Tara Rozalowsky, Chief Growth Officer & President, International, Canopy Growth. "We are thrilled to be able to continue serving the medical community by delivering high-quality cannabis products that meet patient needs and we look forward to increasing our already leading presence in the German medical cannabis market."
Additionally, the Company is committed to playing a leading role in driving awareness through educational initiatives at medical conferences, sponsored programs, and through continued collaboration with the German medical community as medical cannabis takes an even greater presence in the treatment of a range of common conditions.
Congratulations Germany.
About Canopy Growth
Canopy Growth is a leading North American cannabis and consumer packaged goods ("CPG") company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Canopy Growth's CPG portfolio includes gourmet wellness products by Martha Stewart CBD, and category defining vaporizer technology made in Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through its rights to Acreage Holdings, Inc., a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast, as well as Wana Brands, a leading cannabis edible brand in North America, and Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology.
Beyond our world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment—pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater wellbeing and life enhancement.
For more information visit www.canopygrowth.com
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SOURCE Canopy Growth Corporation
