Canopy Growth Corp (TSX: WEED) (NYSE: CGC) announced this morning that its cannabis 2.0 roll out will be delayed until early January 2020 at the earliest for most products. The company indicated it is a result of December 16 being the first day in which new product formats can be sold into its distribution channels. The result is that the company “expects that in most markets new products will not be seen on shelves until early in January 2020.”
Canopy Growth provided further details on the planned roll out, with limited products being stated as being available in the first part of January. First to arrive will be a number of chocolates under the Tweed and Tokyo Smoke labels containing a total of 10 mg of THC each. Further varieties will be available in late January, while the firms high-quality product line known as Bean & Bud won’t be available until the end of February.
The firm also announced that three beverages will hit store shelves in early January – Tweed Houndstooth & Soda, Houseplant Grapefruit, and Houseplant Lemon, all of which are 2 – 2.5 mg THC products. Beverages containing higher THC, such as Deep Space, won’t be available until February 2020 at the earliest.
Finally, Canopy Growth doesn’t anticipate any of its vape products to launch until late January 2020 at the earliest. Initial offerings will include the common 510 thread cartridges, while it’s single use JUUL products are expected to launch “thereafter,” with no concrete timeline being given.
The news is likely to disappoint consumers, who had previously expected to be able to buy cannabis 2.0 products within a few weeks time before the holiday season. Canopy’s previously issued news releases indicated that product would be on store shelves at the time of becoming legal. When the firms beverage facility was licensed in late November, Canopy had stated, “this licence positions the Company to begin shipping beverage inventory to the provinces within weeks,” which many took as being in time for the official legalization of 2.0 products.
Canopy Growth last traded at $24.51 on the TSX.
Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
