Canopy Growth, DNA Genetics Extend Partnership; To Expand To Europe

(RTTNews) - Canadian cannabis company Canopy Growth Corp. (CGC, WEED.TO) and cannabis seed supplier OG DNA Genetics said Tuesday that they have agreed to extend and expand upon their previously-announced partnership by another five years, through to 2024.

Under the new agreement, Canopy Growth and DNA will extend their partnership beyond Canada and Jamaica. The companies said they have committed to bringing DNA's genetics to a soon-to-be disclosed European market.

Charles Philips, CEO of DNA Genetics said, "The strength of our phenotyping and quality standards combined with Canopy's global presence and distribution power is a winning combination that is providing consumers in key markets around the world with the best possible cannabis."

Canopy Growth and DNA Genetics entered into their first agreement for the Canadian market in 2015. Under the partnership, Canopy Growth gained access to unique, genetically-diverse cannabis strains that it then incorporated into its Canadian product lines.

DNA Certified products distributed by Canopy Growth have been grown using DNA's genetics, under the careful supervision of both DNA and Canopy Growth. In 2017, the companies renewed their partnership and expanded into Jamaica, to bring DNA's original strains into future Caribbean markets.

Under the terms of Tuesday's announcement, Canopy Growth and DNA have committed to working together through 2024. The two companies said they will make every effort to expand into global markets, including Europe, where regulations permit the legal sale of cannabis for medical and recreational purposes.

Canopy Growth operates ten licensed cannabis production sites with over 4.3 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. The company operates Tweed retail stores in Newfoundland as well as Manitoba and has entered into supply agreements with every Canadian province and territory.

DNA Genetics was founded in Amsterdam in 2004 by Don Morris and Aaron Yarkoni. Over the last decade, the company has built and curated a seasoned genetic library and developed proven standard operating procedures for genetic selection, breeding, and cultivation.