Canopy Growth Corp (NYSE:CGC) introduced First & Free, the innovative CBD brand, in the US. The company sells tinctures and capsules for customers in thirty-one states in the US through its website. It will soon launch a cream in the US.
Introduces cannabis-infused beverages in Canada
Canopy Growth has introduced innovative cannabis-infused vapes, beverages, and chocolates in Canada in November 2019. It already operates well-known retailers and brands such as Tokyo Smoke and Tweed in Canada.
Announces investment of up to $150 million
Canopy Growth announced an investment of up to $150 million in January 2019 in the New York State’s hemp industrial park. Bruce Linton, Chief Executive Officer of Canopy Growth, expected to introduce CBD products by the end of December 2019 in the US market.
The sales of hemp-derived CBD in the US in 2018 are estimated at up $2 billion. It accounts for just a small percentage of legal cannabis in the US market. The market for legal cannabis in the US in 2018 is estimated at $10.4 billion. Canopy Growth is preparing to get a pie of the legal cannabis market. Accordingly, Canopy Growth signed a deal in April 2019 to acquire Acreage Holdings, a cannabis producer based in New York, for $3.4 billion. The takeover is subject to the central legalization of cannabis in the US.
Introduces Cannabis 2.0 in January 2020
Canopy Growth will unveil the cannabis 2.0 line of products in Canada in January 2020. The Canadian customers can buy Tokyo Smoke Pause, Tokyo Smoke Go, and Tweed Baker Street Chocolate bars from next month. Canopy Growth will also introduce its distilled beverage products in retail stores almost at the same time. Its beverage products are Houseplant Grapefruit, Tweed Houndstooth & Soda, and House Plant Lemon. The company will also launch distilled cannabis spirits a month after the launch of chocolates.
Chief Technology Officer of Canopy Growth, Peter Popplewell, announced its line of vape cartridges and vape pens by the end of November 2019. Customers can expect innovative products that include rechargeable batteries and cartridges by the end of January 2020.
The stock of Canopy Growth trades at $18.65 (up 0.27%) on December 6, 2019.
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