The marijuana giant is going to acquire Spectrum Cannabis Peru
Canopy Growth is putting the emphasis on growth. The large cannabis giant has announced, through its Latin American (LATAM) subsidiary, that it will acquire Spectrum Cannabis Peru, allowing it to take the Peruvian marijuana market by storm. The timing of the deal is perfect, as Peru legislators are about to approve new regulations for medical marijuana in the country.
Spectrum will operate under Canopy’s LATAM framework and will be able to leverage Canopy’s existing production and education resource infrastructure to expand. The president of Canopy, Mark Zekulin, states, “We’re proud to welcome Peru to the growing family of Spectrum Cannabis countries and to have the chance to serve Peruvian patients and healthcare professionals in the future. Canopy Growth is a global leader in providing safe, regulated, medical cannabis and by leveraging our experience together with local expertise, we look forward to helping build a responsible Peruvian cannabis industry today and into the future.”
Canopy is aggressively pursuing new international markets and has made a number of important acquisitions. It acquired Spectrum Cannabis Chile last year and has also expanded into Colombia and Mexico.
Spectrum’s managing director, Bibiana Rojas, asserts, “With the full licensing of our 126-hectare farm, Spectrum Cannabis Colombia and Canopy Growth have demonstrated yet again our ability to execute and prepare for the rapidly rising demand that exists for medical cannabis. Our ambitious goal of sustainable regional production for medical cannabis is one step closer in Latin America and we’re proud to play a role in increasing the total potential production of Canopy Growth as it builds markets internationally.”
As a result of the news, which was announced yesterday, Canopy’s stock increased 13.3%. By way of comparison, Aurora Cannabis and Tilray both saw their stock prices drop – 7.3% and 4.3%, respectively.