Canopy Growth Corporation (NYSE:CGC) has announced that they have signed an agreement with OG DNA Genetics for the expansion of a previously signed partnership with the extension running to 2024. According to the newly signed agreement, the companies have extended the partnership agreement beyond Jamaica and Canada.
Expansion of agreement to Europe
Canopy Growth and DNA Genetics are dedicated to bringing proprietary genetics to the anticipated European market. In 2015 the two companies signed their first partnership agreement that gave Canopy Growth access to the Canadian market. The terms of the contract allowed the company to access the genetically unique and diverse strains of cannabis which the company incorporated into its product lines. The company was also able to benefit from the expertise of Aaron and Don the DNA founders.
In 2017 the companies renewed and expanded the partnership agreement into Jamaica as a move of bringing the original cannabis strains of DNA into the Caribbean markets. According to the terms of the current agreement Canopy and DNA have indicated that they will work together up to 2024 as they look forward to expanding into global markets such as Europe following the legalisation of the sale of recreational and medical cannabis.
Partnership positioning Canopy Growth in the global sphere
Mark Zekulin, the co-CEO and President of Canopy Growth indicated that the collaboration with DNA has proven to be beneficial to the company. He added that the renewing of the partnership for an additional five years was motivated with the milestones they have already achieved as well as the plans of introducing the DNA proprietary products to consumers across the globe.
DNA CEO, Charles Phillips stated that they were pleased with the ongoing relationship with Canopy Growth which has seen the company enjoy success. Philips added that the strength of DNA is phenotyping and combining it with Canopy Growth’s quality standards they will be able to make their global distribution and presence felt by providing consumers with premium cannabis products across the world.
DNA has been producing genetically diverse cannabis strains for over 15 years and has amassed over 200 cannabis awards.