Canopy Growth Corporation (TSX:WEED, NYSE:CGC) on Tuesday announced that it has received EU GMP certification from RP Tuebingen, Regional Health Inspectorate of Baden-Wuerttemberg for the company’s cannabis cultivation facility in Kincardine, Ontario.
The Canadian cannabis and consumer packaged goods (CPG) firm said the certification enables it to continue exporting high quality cannabis to global medical markets while completing the consolidation of its production footprint into two purpose-built sites.
“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 CEO David Klein said in a statement.
Canopy Growth noted its 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 added it believes the receipt of EU GMP certification preserves opportunities across distribution channels and geographies in the EU medical markets and ensures that it is positioned for opportunistic entry into new medical markets as they legalize.
Shares of Canopy Growth rose 1% to $0.98 in late-afternoon trading on Tuesday but have plunged 69% year to date.