Updated December 1, 2020


Canopy Growth Corporation is an Ontario, Canada-based licensed producer (LP) of cannabis and the largest cannabis company in the world based on market capitalization. In total, the company has 41 subsidiaries and affiliates. Canopy is seeking to increase access to its products in countries where medical cannabis is federally legal in order to establish itself as an early leader in the global cannabis market, especially in Europe.


Canopy's international medical subsidiary and brand, Spectrum Therapeutics, was the first company in Germany to receive a license for the import of whole flower from Canada back in 2016. It is currently one of the prime distributors of Canopy's medical cannabis to pharmacies across Europe and, in October 2019, Spectrum Therapeutics received regulatory approval to license stores and distribute medical cannabis products in the United Kingdom. Spectrum Therapeutics was also announced in late 2019 as the exclusive provider of medical cannabis to Luxembourg until the end of 2021. In addition, Canopy is beginning cannabis cultivation and processing in Denmark following regulatory approvals in October 2019, and expects to be shipping cannabis from the facility by fiscal year 2021.


Additionally, Canopy has integrated C3 (Cannabinoid Compound Company), a leading manufacturer of dronabinol which Canopy acquired in April 2019, expanding its medical cannabis portfolio. The company came with two facilities that specialize in extraction and synthetic cannabinoid production in Europe.


Though Canopy has established a broad presence in Europe and international medical sales drive a significant 13% of the company's revenue, its international and C3 businesses have experienced slight revenue declines compared to last year, in part due to ramped up competition - particularly in Germany - and in part related to a since-resolved packaging supply issue that impacted the C3 business.


Canopy sells dried flower, extracts, and softgel capsules as local regulations allow. In terms of THC-dominant products, Canopy produces:

  • Red No 1 (an indica available in the form of oil and capsules)

  • Red No 2 (a sativa also available in oil and capsule form)

  • Orange (an indica flower)

  • Purple (a hybrid flower)

Canopy also has two different varieties of 1:1 products:

  • Blue (a hybrid available as oil and capsules)

  • Green (a hybrid flower)

The company only produces one CBD-dominant product in Europe, Yellow (a hybrid available in oil and capsule form). In addition, Storz & Bickel, another subsidiary of Canopy which operates in Germany, produces medically approved cannabis vaporizers.


Canopy's premier subsidiary, Spectrum Therapeutics, has sales in the United Kingdom, Luxembourg, Denmark, Germany, Czech Republic, and Poland. In April 2019, Canopy acquired Cáñamo y Fibras Naturales, a Spanish cannabis producer, expanding its European footprint and complementing Canopy's existing 430,000 square foot licensed production site in Odense, Denmark. Limited cannabis cultivation in partnership with Alcaliber also occurs in Spain, and vaporizer manufacturing by Storz & Bickel takes place in Germany. Spectrum also has operations in Austria and Italy.

Source: Brightfield Group 2020

Strengths and Opportunities

  • Acquisition of C3 provided access to traditional cannabis-derived pharmaceutical manufacturing and markets
  • Exclusive producer of medical cannabis for Luxembourg
  • Development of proprietary herbal vaping hardware
  • Strong, established presence throughout region
  • Expansion of domestic cultivation in Europe
  • Pursuing new or expanded import licenses in European medical markets

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