Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) just made pot history. The company shipped the first legal cannabis product to the United States this week. While it’s the first legal export of cannabis across the border, the company only plans to increase its business in that market.
The purpose of the products in the U.S. will be for research and development. Due to more liberal Canadian legislative, a breadth of pot strains and genetic diversity has developed in that country. Canopy Growth has developed extensive testing and research protocols for cannabis products, including with a provincial government in Canada. Henceforth, they’re looking to export their expertise.
U.S. operations to come
However, Canopy says that it continues to support legal domestic production over international production. As such, the move indicates that they intend to bring operations to the United States in the near future. The Company already has operations in 12 countries.
“The United States presents a unique market opportunity and as the most established cannabis business in the world we, in turn, offer a unique ability to advance standardization, IP development, and clinical research that can improve the understanding and legal application of cannabis and cannabinoids,” said Mark Zekulin, President and Co-CEO, Canopy Growth.
“By engaging in the market through federally legal means and with the right partners,” he continued. We can create a US-based center of expertise while also supporting our rapidly expanding global business.”