Bruce Linton, CEO of Canopy Growth Corporation stated that the demand for medical marijuana has increased over the years with 24,400 registered patients requesting for the drug. This figure surpasses that of the previous year which was 6,200, which means that there was a 47% increase in demand.
This has made the company to expand on its production in the months to come.
The company released its profit for the quarter ended September with $5.4 million, which was higher than the profit of $3.9 million made in 2015.
CEO Bruce highlighted in a conference that the company is increasing on its production so that they will be able to meet up with the rising demand of their clients.
Quite recently, the company had partnered with real estate firm Goldman Group to help improve on its marijuana network.
There has also been a restriction on the company’s statement as a result of an increase in demand of clients registered with Health Canada.
Looking at the records, over 75,166 patients were registered with Health Canada waiting to purchase medical marijuana from one of the registered retailers. There was a 405 increase from the previous year.
Linton also stated that Canopy has also been receiving calls from registered retailers who had run out of medical marijuana. The demand is also increasing from retailers that want to purchase on wholes basis so they will be able to resell to patients.
According to Linton, “Supply is stiff, and this will continue to happen in the few years to come.”
It is expected that the number of patients in Canadian in need of medical marijuana will continue to rise hence Canopy should continue to improve on its production.