Canopy Growth (NYSE:CGC) added to its collection of licenses this week. On Thursday, the company announced that its subsidiary, Storz & Bickel, has received a medical device license from the Canadian government for its Volcano Medic 2 vaporizer. This allows Canopy Growth to sell it to medical institutions and licensed medical cannabis users throughout the country.
The securing of the permit follows Storz & Bickel's winning of similar licenses for the device in Australia and Europe. Volcano Medic 2 is its latest product and comes at a time when the business unit recently updated several of its offerings. It specializes in relatively high-end vaporizers for both medical and recreational cannabis use.
In its announcement, Canopy Growth talked up the features of Volcano Medic 2. It claims the device can heat up product significantly faster than comparable devices and has an "intuitive" touch display that lets users set a precise temperature for consumption.
Of the Canada permit, the marijuana company said that it "will allow us to offer even more options for patients who may be interested in vaporizing whole-flower dried cannabis as an alternative method of medicating."
Canopy Growth acquired Storz & Bickel in December 2018 in an all-cash deal that was worth up to 145 million euros ($158 million) at the time. The formerly independent company was founded and headquartered in Germany -- a country that permits the consumption and sale of medical marijuana, although it has not yet legalized the recreational variety of the drug.
Canopy Growth's shares dropped by almost 4% on Friday, deeper than the losses posted by the stock market's major indexes.