Canopy Growth Corporation (TSX: WEED) announced this morning that the company has launched its newest subsidiary Spectrum Cannabis Australia with the approval and support of the Victoria State Government in Australia.
Canopy’s initial investment into Spectrum Cannabis Australia is a total of $16M AUD, with the investment spanning over the next four years. The investment will be managed by the Minister of Agriculture in Victoria, Hon. Jaala Pulford, and Ben Quirin, the new managing director of the company. The two will cooperate to develop and establish Spectrum Cannabis
Australias headquarters and the company’s
research and development facility.
Spectrum Cannabis Australia’s main focus will be to maintain a steady supply of medicinal cannabis to Australian medical patients, R&D, and the development of an education program ran by doctors and pharmacists.
Managing Director Ben Quirin gave this statement in the press release:
“The State Government of Victoria has been an outstanding partner and welcomed our investment in the region with a shared passion for innovation in the medical cannabis industr. Victoria is now home for Spectrum as we introduce our world renowned medical cannabis products to the State, across Australia, and throughout the entire APAC region as jurisdictions establish legal, regulated medical cannabis regimes.”