06/28/2016 08:30 EDT | Updated 06/29/2016 03:59 EDT

Canopy Growth, Canada's Largest Publicly Traded Weed Grower, Expands To Brazil

But the company continues to lose money.

TORONTO — Canopy Growth Corp., the largest of Canada's publicly traded marijuana companies, is preparing to export its expertise through a new Brazilian partnership.

Canopy's Bedrocan subsidiary and its Brazilian partners have created a new company to import proprietary varieties of cannabis into Brazil — a country with a population of 200 million.

Initially, Bedrocan Brazil will import cannabis products into Brazil from Canada or the Netherlands.

Emily Moeller, grow and production manager at Bedrocan Canada, checks plants at the medical marijuana facility in Toronto on Monday, August 17, 2015. Bedrocan is a subsidiary of Canopy Growth. (Photo: Canadian Press/Darren Calabrese)

Eventually, the company will establish domestic cultivation facilities in Brazil using Bedrocan's genetic material and cultivation technology.

The Canadian company will also partner with Sao Paulo-based Entourage Phytolab SA to develop medical cannabis products for the Brazilian and international markets.

Entourage will be responsible for developing the standardized cannabis extracts for pre-clinical and clinical trials. Canopy anticipates that the clinical trials will be completed by the end of 2017.

On Monday, Canopy reported that it generated $12.7 million of revenue and a $3.5 million loss in its 2016 financial year, an improvement from the $2.4 million in revenue and $9.35 million loss in fiscal 2015.

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