Canadian cannabis giant Canopy Growth Corp (NYSE: CGC) announced a new global brand that will include all of the company's medical operations.
Canopy's new brand, Spectrum Therapeutics, will incorporate the company's ongoing commercial medical and clinical research operations. It will consist of Spectrum Cannabis, Canopy Health innovations and C3 Cannabinoid Compound Company, a European distributor of synthetic cannabinoid dronabinol. Canopy announced the acquisition of German-based C3 last week.
The brand will focus on providing medical cannabis products on five continents and will provide cannabis education for patients and health care professionals.
Why This Is Important
Through Spectrum Therapeutics, Canopy Growth will be able to create a global health care enterprise that will include production and distribution of full-spectrum and single-cannabinoid medical cannabis products. Moreover, C3's dronabinol will be sold under C3's Bionorica Ethics brand, even though it will be integrated in Spectrum Therapeutics.
The brand will also continue CHI and C3's clinical research programs.
Canopy Growth's stock traded lower by 3.4 percent at $47.53 per share Tuesday afternoon.
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