Centric Health Announces Strategic Partnership with Canopy Growth

Published: September 5, 2018

Centric Health Announces Strategic Partnership with Canopy Growth

Centric Health Corporation has entered into multi-year supply and service agreements with Canopy Growth Corporation for the provision of medical cannabis. Under the agreements, Canopy Growth will be the preferred education partner and supplier of choice of medical cannabis primarily through its Spectrum Cannabis brand to Centric Health and the seniors that it serves both in long-term care and retirement residences, as well as seniors living in the community.

Spectrum Cannabis and Centric Health will work collaboratively to educate Centric Health’s clinical pharmacists, as well as other healthcare partners, residents and seniors and their families, on the benefits and potential applications of medical cannabis. Centric Health’s clinical pharmacists are in an ideal position to provide guidance on the safe use of medical cannabis as they are specially trained in geriatric medicine.

Many seniors face significant barriers when it comes to access and knowledge around the benefits of medical cannabis but with the support of trained pharmacists and educators, the seniors that Centric Health serves and those living within the community will have the ability to receive assessments and on-going support from a pharmacist to ensure the highest degree of safety and efficacy. Centric Health’s unwavering commitment to quality care and resident outcomes through their existing pharmacy operations and focused strategy of expanding service offerings to seniors in the community makes for an ideal long-term strategic partnership.

“We believe that our partnership with Centric Health will help reduce many of the existing gaps in the continuing care space by having a trusted partner at our side who can provide education, assist in policy development and, most importantly, provide clinical pharmacist oversight of medical cannabis through medication management,” said Mark Zekulin, President & Co-CEO, Canopy Growth. “The continuing care space is comprised of a patient population that can greatly benefit from the therapeutic effects of medical cannabis.”

Canopy Growth and Centric Health have also entered into a separate business development agreement wherein Canopy Growth has advanced funds to Centric Health to help with improved education and assistance programs. As part of the business development agreement, Centric Health issued 850,000 warrants to Canopy Growth at an exercise price of $0.25 per common share for a life of 48 months with the vesting date set at September 4, 2020.

“Our strategic relationship with Canopy Growth leverages Centric’s national Specialty Pharmacy footprint and respected clinical pharmacists with their sophisticated educational platform and range of medical cannabis products, including the Spectrum Cannabis line that makes it easy for seniors to understand the strength and dosage of the medical cannabis they are using as part of their treatment program,” said David Murphy, Centric Health’s President and Chief Executive Officer. “The combination of Centric Health and Canopy Growth capabilities will ensure that, where a healthcare practitioner has determined medical cannabis is appropriate, seniors and home operators will have the best possible support and oversight for medical cannabis treatments.”