Canopy Growth Shares Up Slightly In Pre-Market Trading On EU GMP Certification News

Canadian cannabis company Canopy Growth Corporation WEED CGC received EU GMP certification from RP Tuebingen, Regional Health Inspectorate of Baden-Wuerttemberg for its cannabis cultivation facility in Kincardine, Ontario.

As a final step to completing the company's consolidation of its production footprint into two purpose-built sites, the receipt of EU GMP certification enables Canopy Growth to continue exporting certified medical cannabis to medical markets in Europe and around the world.

"The receipt of EU GMP certification for our Kincardine facility is a significant milestone for Canopy Growth as we complete the transformation of our business and position it for long-term growth and market leadership," stated David Klein, CEO of Canopy Growth. "Today's announcement further demonstrates our team's proven ability to evolve our business and positions us to continue serving medical cannabis customers in Europe and around the world with high-quality flower."

Canopy Growth's medical brands currently service European medical markets in Germany, Czech Republic, and Poland as well as Asia-Pacific markets including Australia & New Zealand. The company says the receipt of EU GMP certification preserves opportunities across distribution channels and geographies in EU medical markets and ensures that Canopy Growth is positioned for opportunistic entry into new medical markets as they legalize, based on the company's asset-light development strategy.

Price Action

Canopy shares traded 5.04% higher at $0.72 per share during Tuesday’s pre-market session.

Related Links:

Canopy Growth Finalizes $39M Hershey Drive Facility Sale

EXCLUSIVE: Canopy Growth, SNDL, Village Farms Could Capture US Cannabis Market Opportunity

Canopy Growth Stock Blazes Higher Amid Wild Volatility In Cannabis Sector: The Bull, Bear Case

Photo: Courtesy of Alesia Kozik via Pexels