It appears that Canopy Growth Corp (TSX: WEED) (NYSE: CGC) has finally begun to sort out its previously disclosed production issues for its THC-infused cannabis beverages. The firm announced this morning that its first product line began shipping to provincial retailers on March 11.
The first product to hit stores will be that of Tweed Houndstooth & Soda, an infused beverage with 2 milligrams of THC, one of the firms weaker drinks in terms of THC content. The beverage is also expected to contain less than 1 milligram of CBD content. Each beverage will come in a 355 mL can, with pricing likely to vary across different jurisdictions.
Initially intending to be one of the first to market, Canopy Growth announced in mid January that the launch of its infused beverages would be delayed. The delay was blamed on an “incomplete scaling process” and followed numerous rumours across the sector that the products would not be hitting store shelves as per the previously issued timeline. The products were initially scheduled to hit store shelves in early January, marking a delay of more than two months due to a slow transition from R&D to commercial production.
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The firm also lost out on being the first to market in a number of regions, with The Valens Company (TSXV: VLNS) being the first ready to drink beverage product to the Ontario market. Valens began selling ready to drink infused beverages within the Ontario market earlier this month, also beating out competitor Hexo Corp (TSX: HEXO) who has partnered with Molson Coors on developing infused beverages.
Canopy Growth Corp last traded at $13.50 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.
