Canopy Growth Corporation names Sebastian Blöte as Germany country manager

Germany is where Sebastian Blöte will lead a Canadian medical cannabis supplier's commercial strategy from Oct. 1, under an appointment announced Sept. 28. Canopy Growth Corporation TSEWEED NASDAQCGC named him country manager for a business that booked C$9.6 million in international cannabis revenue in the quarter ended June 30.

Blöte will oversee sales in Germany, work with partners and healthcare professionals, and pursue growth in the country's medical cannabis market, according to the appointment release. Canopy did not disclose German revenue, a sales target or the cost of the new post in that announcement.

In Toronto, Canopy shares last closed at C$1.34 at 4 p.m. EDT on Sept. 25 TSEWEED. That close preceded the Sept. 28 appointment announcement and cannot show a market reaction to it.

In its Aug. 7 earnings release, Canopy said international cannabis revenue rose 10 per cent from a year earlier in the June quarter, primarily on strength in Europe, particularly Poland. The same report said Canopy relaunched the Tweed brand in Germany using MTL Cannabis genetics and flower production capacity. Canopy presented the relaunch as part of its effort to strengthen its international position.

Hire Follows European Supply Expansion

Canopy's Aug. 14 certification announcement said its Kincardine, Ont., cultivation facility had received renewed European Union Good Manufacturing Practice certification from Regierungspräsidium Tübingen in Baden-Württemberg. The renewal allows Canadian-grown cannabis from Kincardine to keep reaching European medical markets, the release said.

The company's Sept. 22 UK announcement said it would supply four Canadian-grown medical cannabis flower strains for distribution under its Spectrum Therapeutics brand. Canopy said this initial launch would introduce its portfolio in the UK and that the Kincardine certification supports supply across Europe.

"Over the last year, we have put the pieces in place to build a stronger international medical cannabis business, delivering double-digit sequential growth for the past three quarters," Canopy chief executive Luc Mongeau said in the Sept. 28 release.

Mongeau's growth claim covers international medical cannabis. In the quarter ended June 30, Canopy's C$9.6 million in international cannabis net revenue sat within C$65.1 million of total cannabis net revenue. Canadian medical cannabis revenue was C$25.8 million in that quarter.

Kincardine is the anchor of Canopy's flower supply chain, which includes an EU GMP facility in Sankt Leon-Rot, Germany, according to the Aug. 14 release. The company described the German facility as part of its European distribution capabilities.

Holders also face a separate vote: Canopy adjourned its Sept. 25 annual and special meeting for lack of quorum and scheduled it to reconvene Oct. 23. The hiring release did not link Blöte's appointment to that meeting.

Read more: Canopy Growth delays share consolidation vote after meeting lacks quorum

Blöte's appointment takes effect Oct. 1, when the Germany sales and partner brief becomes his responsibility.