Cannabis Giant Canopy Growth has announced a delay on the launch of the brand's Cannabis beverage range.
Canopy Growth Corporation (NYSE:CGC) submitted its final documentation for its beverage facility to Health Canada in late June 2019 and subsequently received the license in late November 2019. In the seven weeks since receiving the license, the Company has made meaningful progress towards scaling the production process for its cannabis beverages from lab scale to commercial scale.
Management remains very confident in the underlying beverage science and in its ability to scale production and deliver high quality, differentiated cannabis beverages to the market. However, the scaling process is not complete and the Company is extending its to-market date while the internal teams complete the final steps.
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. 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," said David Klein, CEO of Canopy Growth.
Cannabis beverages have disruptive power and in time, may introduce new consumers to the cannabis category. Canopy does not believe this delay will have a material impact on its FY20 revenue.
The Company intends to provide an update with the release of its Q3 FY20 financial results.
To learn more about Canopy Growth, visit their company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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