Canopy Growth is expanding its presence in Latin America, buying Cannagrow SpA’s 15 per cent interest in Canopy’s Chilean entity, Spectrum Cannabis Chile.
The deal, worth US$750,000, will see Canopy Growth owning 100 per of Spectrum.
A pain-management clinical trial designed by Spectrum Chile’s Sergio Sánchez is underway.
Mr. Sanchez is the former president of the Latin American Reform Foundation, which sponsored Chile’s first legal medical marijuana club – opened in September 2016.
Canopy Growth president Mark Zekulin says that Spectrum Cannabis Chile will focus on developing “additional evidence to support the use of cannabis-based medicines across Latin America and the world.”
In exchange for Canopy Growth paid cash consideration of US$750,000.
Prior to the acquisition, Canopy controlled 85 per cent of the issued and outstanding shares of Spectrum Cannabis Chile SpA.