Canadian cannabis companies look abroad as the global market heats up

Leading consultancy firm Deloitte late last year published a report predicting that Canada’s national cannabis industry could be worth as much as $22.6bn by the end of the year, indicating the magnitude of the rising domestic market.

In the wake of this growth within Canada’s borders, a number of the country’s leading firms have are now looking to expand their reach internationally in the anticipation of the global market exploding in a similar manor.

See also:

• Big pharmaceutical players boost credibility in the Canadian cannabis industry

• Aurora Cannabis closes $1.1bn CanniMed deal

• Shoppers Drug Mart, Aurora Cannabis sign medical marijuana supplier agreement

“All eyes are on Canada right now, not only for what's coming, but also because Canada has basically defined the standards on how to do a medical cannabis industry,” said Pierre Debs, Managing Director of Canopy Growth subsidiary Spektrum Cannabis GmbH, speaking to the Financial Post.

Here are some of the international projects that Canada’s leading Cannabis firms are working on, as highlighted by USA News Group.

Canopy Growth

• Constructing eight cannabis greenhouses in Kingston, Jamaica.

• Converting an existing greenhouse in Odense, Denmark into a Cannabis facility.

Aurora Cannabis

• Acquired CanniMed, bolstering its European operations in Denmark, Italy and Germany.

Aphria

• Acquired industry rival Nuuvera, the first Canadian company to hold a license to serve the Italian market.

Cronos Group

• Signed a five-year supply contract with Germany pharmaceutical firm G. Pohl-Boskamp GmbH, giving it access to 12,000 German pharmacies.

MYM Nutraceuticals

• Signed a joint venture with Australia’s PUF Ventures to build a 1.2mn square foot facility in New South Wales.

• Signed an MOU with Colombian cannabis company NewCanna, gaining access to South American continent.