Canopy Growth Adjusts Beverage Launch Timeline | Financial Buzz

Canopy Growth Adjusts Beverage Launch Timeline

Canopy Growth is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time.

Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) has submitted final documentation in regards to its beverage facility to Health Canada back in June 2019 and received the licence in November 2019.  The company has provided an update seven weeks later, management has assured its ability to produce high quality cannabis beverages to the market.  The scaling process is not finished, as the company has extended its market date while its teams finish the final touches.   

“Canopy has had seven weeks to work with THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment,” said David Klein, CEO, Canopy Growth. “In order to deliver products that meet our customer’s high standards we are electing to revise the launch date while we work through the final details.”

Cannabis beverages may entice consumers that have never tried cannabis before.  The company does not believe this delay will impact FY20 revenue.  Canopy may provide an update in its q3 FY 20 financial results.