Cannapany on March 17, 2020 No Comments
The company’s Tweed subsidiary is ready to take the cannabis beverage industry by storm
Canadian recreational cannabis consumers are getting a new product available on the shelves of cannabis dispensaries through a beverage infused with tetrahydrocannabinol (THC). Canopy Growth Inc. seems to be making the right moves since its CEO David Klein took over the company’s management and the featured brand, Tweed, launched last week to little fanfare.
For the recently appointed CEO, the path was not entirely clear, and some analysis had to take place to understand with THC-infused beverages weren’t scaling correctly when the production was set at a high level. Late last week, Canopy Growth started sending the Tweed Houndstooth & Soda drink to retailers and provincial boards. Even though Canopy Growth promised a wide selection of cannabis-infused beverages back in December when Cannabis 2.0 was legalized, there were some aspects that needed attention before the company was ready.
So far, the company is only focused on one type of drink that has 3mg of THC and less than 1mg of cannabidiol (CBD). This seems the first step for Canopy Growth to start introducing its full line of beverages, although no further information has been released about when the next drink will be presented to the market. The company’s investors are confident that it is just a matter of weeks or a few months for the next products to be ready for the market.
It was estimated by Deloitte that the infused beverage business in Canada will grow to $529 million in sales. Canopy Growth has good projections for the future, and once the products are all rolled out to Canada, then global distribution can be possible. Through its partner Constellation Brands, it can pave the way for reaching a global market. Canopy Growth is still struggling with cash burning, but since Klein took the lead, several hard measures have been taken to cut down costs and unnecessary expenses.
Congratulation!