Canadian cannabis company Canopy Growth Corp. (NYS:CGC) (TSE:CA:WEED) said MOnday it has become the exclusive supplier of medical cannabis to Luxembourg in a deal that extends through Dec. 31, 2021. Luxembourg launched a medical cannabis program by decriminalizing it for patients with severe unmet needs in 2018. The Duchy is also expected to fully legalize the production and consumption of recreational cannabis in the near term and may be the first European country to do so. Canopy will provide cannabis to the Duchy via its Spectrum Therapeutics subsidiary. Spectrum has also been granted a license to store and distribute medical cannabis-based products in the UK. The UK has had a medical program for less than a year. "We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework," Cosmo Feilding Mellen, managing director of Spectrum in the UK said in a statement. Canopy's U.S.-listed shares rose 1.9% in premarket trade, but are down 25% in 2019, while the ETFMG Alternative Harvest ETF (PSE:MJ) has fallen 21% and the S&P 500 (S&P:SPX) has gained 19%.
Oct. 21, 2019, 7:28 a.m. EDT