Canopy Growth Corporation (OTCMKTS:TWMJF) provided the update to its previous release on the joint venture news with Entourage Phytolab and also on the formation of Bedrocan Brasil. The company has partial stake in both entities.
The accomplishments
Canopy Growth’s subsidiary Bedrocan Canada Inc. has successfully exported 10 kilogram of dried cannabis to Brazil intended to be used for research. Getting a delivery of standardized research grade cannabis is a big achievement in the Entourage clinical advancement plan. It is the first time to the firm’s knowledge that medical cannabis from a Canadian approved manufacturer has been distributed to South America.
Entourage will commence clinical trial drug preparation and even pharmaceutical formulations required for the advancement of a whole plant drug applicant targeting pain management and epilepsy for registration prior to the Brazilian health unit ANVISA projected in 2018.
Brazil is a thrilling international industry for the company. Bruce Linton, the Chairman and CEO, said that research will establish the basis of a wider medicinal cannabis administration in the nation and they are delighted to be leading this innovation forward.
Canopy Growth, Bedrocan Brasil and Entourage have closed a preliminary funding round of $3 million in lieu for common shares in Bedrocan Brasil and Entourage. This capital will be utilized for the continuing advancement of Bedrocan Brasil and the introduction of the Entourage clinical research program.
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Caio Abreu, the CEO of Bedrocan Brasil and Entourage, said that they are extremely delighted by the steady and early progress in Brazil. Since the release just 4 months ago, they are fully on track with their objective of ensuring they can offer Brazilian patients with premium cannabis-based drugs and registered in Brazil.
Additionally, Entourage can now report that Antonio Droghetti Neto has been elected as one of the members of its Board. Droghetti is a business administrator and economist with broad experience and expertise in shaping start-up stage firms. He was the VP of Grupo Silvio Santos, the CEO of Inframérica, and also CEO of Lifemed, a firm that advances products for the health sector and hospitals.
