Acreage Holdings has turned to Canopy Growth to get a leg up on the competition. The two cannabis companies have joined forces on cannabis-infused beverages, and Acreage now plans on introducing Canopy Growth’s beverage product line to US consumers sometime next summer. The plan is to initially hit two legal adult cannabis markets – those of California and Illinois – before rolling out to other areas in the country.
The cannabis beverage market is expected to be worth over $25 billion in just a few short years – more if nationwide legislation for cannabis finds its way to the surface. There has been no shortage of interest in breaking into the consumer segment, and Canopy Growth has a proven line of select beverages that have already begun to attract interest.
Explains Canopy Growth CEO David Klein, “We have had an incredibly successful introduction into the Canadian cannabis-infused beverage industry with over 1.7 million cans of our THC-infused RTD beverages, like Tweed’s Houndstooth & Soda and Bakerstreet & Ginger sold to date. We introduced a new product category to cannabis consumers that we knew had the potential to disrupt one of the most mature industries and since launching in Canada, Canopy Growth now owns 5 of the top 6 SKUs in the beverage category with a 74% market share. We are excited for Canopy’s beverages to be introduced to the U.S. market next summer.”
Canopy Growth’s products will be available in Acreage’s own shops, as well as through new channels the company is establishing. Acreage interim CEO Bill Van Faasen adds, “We see THC-infused beverages as a game-changer in U.S. cannabis, and we are excited to launch Canopy Growth’s unique beverage offerings to our core markets offering the greatest growth potential next year. We are already working on our beverage production capabilities, and look forward to tapping the wealth of experience and research Canopy can offer following its successful entry in the category last year.”