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Canopy Growth's (NASDAQ:CGC) international subsidiary Canopy Growth Polska is withdrawing its medical marijuana strain Penelope from the market, writes Born2Invest. One of the leading suppliers of medical marijuana in Poland decided to withdraw the popular strain that contains 8% THC and 7% CBD due to the aging of the strain, which has made its quality unstable.
"The decision to discontinue Penelope was very difficult for us, as it is a strain that enjoyed huge interest. However, our commitment to providing only the highest quality products forced us to take this step," said a representative of Canopy Growth Polska.
The Penelope strain was one of the company's flagship products, mostly because of its balanced content of the cannabinoids. However, over time, the genetics of the plant can weaken, causing instability of the product.
Canopy Growth Polska is working on the introduction of other new strains that have a similar profile to Penelope. These products are expected to reach the market in the near future.
"The process of registering new varieties of medical cannabis in Poland is time-consuming, but we are constantly working to provide patients with appropriate substitutes as quickly as possible. Our goal is to ensure continuity of therapy and support for doctors and patients," said the company representative.
Continue reading on Born2Invest.
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In August, the government of Poland announced it intends to tighten medical marijuana rules to address concerns of possible misuse. In 2019, only 2,909 cannabis prescriptions were issued, but this number skyrocketed to 276,807 in 2023, marking a 9,420% increase over that period.
Read Also: Poland's Medicinal Cannabis Boom: Prescriptions Up 9,420%, Dispensation Up 13,942% In Just 4 Years
The potential of Poland’s medical marijuana market was recognized this year by U.S. cannabis giant Curaleaf Holdings (OTCQX:CURLF), whose subsidiary Curaleaf International expanded in Poland via the acquisition of Can4Med, the country's pharmaceutical wholesaler specializing in cannabinoid medication.
In line with the increasing medical marijuana use, the Polish Public Opinion Research Center (CBOS) recently revealed that 73.4% of Poles support the decriminalization of cannabis. However, recreational cannabis use remains illegal.
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