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Technology Cannabis company Canopy Growth delaying launch of infused beverages

23:45  17 january  2020
23:45  17 january  2020 Source:   msn.com

Future may be bright for Canopy Growth stock after its ugly Q2 results

  Future may be bright for Canopy Growth stock after its ugly Q2 results The road ahead might be a rocky one. But the future should be brighter than the present for this top Canadian cannabis producer.Canopy Growth (NYSE: CGC) went from becoming one of the most popular Canadian marijuana stocks to one of the most maligned marijuana stocks in a matter of months. Much of this dramatic shift in investor sentiment was due to the company's mistakes, although some of it stemmed from issues affecting the rest of the cannabis industry.

Canopy Growth 's dedication to making the finest cannabis - infused chocolate in the world is showcased across three distinct brands - Bean & Bud Craft Cannabis Company , Tweed and Tokyo Smoke. The Company will begin shipping the chocolates from its Regional Distribution Centre in

Canopy Growth advances the world’s perception of cannabis by focusing on research, product development and innovative production capabilities – all presented through brands people trust.

  Cannabis company Canopy Growth delaying launch of infused beverages © Provided by The Canadian Press

Canadians thirsty for Canopy Growth Corp.'s cannabis-infused drinks will have to wait a bit longer.

The Smiths Falls, Ont.-based company said Friday that the debut of its cannabis drinks will now be delayed because it requires more time to develop its beverage facility and "the scaling process is not complete."

"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," Canopy chief executive David Klein said in a statement.

Canopy's beverage business is expected to be a cornerstone for the company, which is behind the brands Tweed, Tokyo Smoke, Doja and Van der Pop. Canopy has said it is preparing to produce 13 cannabis-related beverages. The company has the backing of Constellation Brands Inc., a New York company which invested $5 billion in Canopy in 2019 and has a portfolio of brands including Corona beers, Robert Mondavi and Kim Crawford wines and premium spirits from SVEDKA Vodka and Casa Noble Tequila.

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  Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEO Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEOAs previously announced, interim CEO Mark Zekulin will resign from the position and also from his seat on the company’s board of directors, effective Dec. 20.

_ Canopy Growth Corporation (CGC) (Market Cap: .398B; Share Price: .76), a Canadian Cannabis producer, has received a Last week, the company announced a deal with Martha Stewart, who will produce pet and retail products infused with CBD and THC under her brand name.

Canopy Growth , an early mover in the Canadian market, is a multi-faceted cannabis company with a strong investment in brand, market and product differentiation. Through owned and partnered cannabis production platforms, as well as education to help customers safely, effectively and responsibly use

Canopy had expected to release its cannabis beverages in early January as part of Cannabis 2.0, where the country is allowing a second wave of products such as edibles, extracts and topicals to hit the market following the October 2018 legalization of cannabis in Canada

Cannabis-infused chocolates, cookies, soft chews, mints, tea and vapes were made available on the Ontario Cannabis Store's website at 9 a.m. local time Thursday and were on sale the week before at physical retailers in the country.

Canopy did not say when it now intends to launch its beverages.

It submitted the final documentation for its beverage facility to Health Canada last June and received its license in late November.

The company's statement said it does not believe the delay will have a material impact on its revenue for its 2020 financial year. It plans to provide an update on the beverages' status when it releases its third-quarter results.

No cannabis edibles for Christmas in 3 provinces because of delays

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Get the latest Canopy Growth Corporation (CGC) stock news and headlines to help you in your trading and investing decisions. CGC - Canopy Growth Corporation. NYSE - NYSE Delayed Price. Constellation will launch a portfolio of seltzers to gain exposure to the fast-growing category, the CEO

Canopy Growth Corp. probably couldn’t have picked a worse time to delay the launch of its line of cannabis drinks. Canopy , which is the largest cannabis company by market value, said Friday The company said last month that the first wave of drinks would hit shelves in early January, followed

RBC Capital Markets analyst Douglas Miehm said in a note that he saw Canopy's news in a "neutral light" and believes that engineering issues connected to the introduction of tetrahydrocannabinol — the psychoactive compound that gives users a high — emulsion syrup into other ingredients have "ultimately contributed to quality assurance shortfalls upon completion."

"While the release is somewhat surprising, we do reaffirm our confidence in the company's production capabilities and note that when it comes to beverages, Canopy remains ahead of the pack," he said.

"In our view, the issues likely rest in translating the quality, taste, and consistency generated in a lab setting to large-scale commercial manufacturing."

This report by The Canadian Press was first published Jan. 17, 2020.

Companies in this story: (TSX:WEED)

Tara Deschamps, The Canadian Press

Canopy Growth says more cost cuts coming as it reports $124.17-million loss .
Canopy Growth says more cost cuts coming as it reports $124.17-million lossThe cannabis company says it lost 35 cents per share in the quarter ending Dec. 31, compared with earnings of $74.86 million or 22 cents per share for the same quarter last year.

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