Canada’s Canopy Growth Corporation, parent company of licensed cannabis producers Tweed, Tweed Farms and Bedrocan Canada, and Australia’s AusCann have announced a medicinal cannabis partnernship to produce medicinal cannabis for Australia’s newly legal market.
Canopy Growth will provide AusCann with assistance in production, quality assurance and operations, as well as strategic advisory services, in exchange for a 15% ownership stake in the Australian company.
Canopy Growth CEO Bruce Linton said that the company’s experience starting Tweed and its sister companies after legalization in Canada makes it experienced in facing the same “opportunities and challenges” that Australian medicinal cannabis companies can expect to encounter as the country develops a legal market for the product.
Linton will join AusCanna’s Board of Directors and share with the company the best practices Tweed Farms established over recent years. Commenting on the partnership, AusCann Managing Director Elaine Darby said:
“We chose to work with Canopy Growth because they’ve established themselves as leaders in the Canadian and global industry. We are excited to establish the same success here in Australia.”
Medicinal cannabis was officially legalized in Australia in February, and new regulations governing the legal medicinal cannabis market are in the process of being implemented.