Canopy Growth Corp. (TSX:WEED), Canada's largest licensed cannabis producer, has extended its reach into Europe with an agreement to provide certain marijuana strains and seeds to a Spanish pharmaceutical producer.
Canopy Growth announced today that the cannabis giant and its German subsidiary Spektrum Cannabis have signed a supply license agreement with Spain's Alcaliber.
As part of the agreement, Alcaliber will use Canopy Growth strains and seeds to grow and cultivate marijuana at the Spanish producer's facilities for sale worldwide.
This is the latest move by a Canadian licensed marijuana producer towards an international footprint. Earlier this month, B.C.-based cannabis producer Tilray said it planned to invest 20 million euros, or about $29.5 million Canadian, in a medical cannabis operation in Portugal.
After winning federal licenses to import cannabis seeds and clones to cultivate them in Portugal, Tilray said it plans to establish a campus north of Lisbon to grow, process and package medical cannabis for the European Union.
Canopy Growth shares were up 1.6 percent to $9.33 on Monday morning.