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Canopy Growth buys remaining stake in Chile's Spectrum Cannabis

Ontario-based Canopy Growth Corp., a cannabis company, acquired all of the remaining shares in Spectrum Cannabis Chile SpA from Cannagrow SpA for $750,000.

Cannagrow sold 15% stake in Spectrum Cannabis Chile to Canopy Growth, which already controlled 85% stake of the company.

The acquisition helps Canopy Growth with its plans for development in the Latin America region.

"Chile is an important part of our strategy for this region and completing this acquisition marks another successful step forward in our plan," said Mark Zekulin, president and Co-CEO of Canopy Growth.

"Spectrum Cannabis Chile, working closely with the team at Canopy Health Innovations in Canada, will continue to lead regional research activities with a focus on developing additional evidence to support the use of cannabis-based medicines across Latin America and the world," he added.