Canopy Growth: Perfectly Positioned In Canada’s Market – Yahoo Finance

Uniquely Positioned Canopy Growth Corp. – formerly known as Tweed Marijuana Inc. – recently completed the acquisition of Bedrocan, raised about $22 million in growth capital, and extended its licenses to produce dried cannabis under Canada’s MMPR. During the second quarter, the company reported revenue that increased 44% sequentially to $2,466,121 with year-to-date sales that reached $4,176,278 and gross margins of 62% for the quarter. In August, the company acquired Bedrocan, an MMPR licensed producer, to bolster its presence in the burgeoning medical cannabis industry. The company’s standardized, pharmaceutical-grade product line is a direct extension of the product grown in the Netherlands for more than a decade and used in medical trials. Given its consistent product line, the medical community has embraced its products for reliable titration and dosing of patients. The new acquisition complements Tweed’s existing products that may be well suited for the new recreational market with management’s focus on patient advocacy. During the second quarter, the company spent approximately $872,352 on branding, outreach, and education costs, having visited more than 10,000 doctors to date. These brand investments have also made its product broadly appealing and recognizable within the new industry. During the second quarter, the two companies sold 319,000 grams at an average price of $7.54 per gram to more than 7,300 patients.

To read more visit http://finance.yahoo.com/news/canopy-growth-perfectly-positioned-canadas-142000342.html