CGC Stock – Canopy Growth, Acreage plan U.S. launch of cannabis-infused beverages in 2021
(Reuters) – Canadian pot firm Canopy Growth Corp WEED.TOCGC.N and Acreage Holdings Inc ACRGau.CD plan to launch the former’s cannabis-infused beverages in the United States next summer, the companies said on Thursday.
Acreage expects to launch Canopy’s select, sessionable THC beverages in the summer of 2021 in legal adult-use markets in Illinois and California. THC is the psychoactive ‘high’ inducing part of marijuana. (nPn2ncT5ca)
A growing number of companies are seeking to capture a larger chunk of the U.S. cannabis industry, with the recreational use of marijuana by adults now legal in 11 states.[reut.rs/348gywI]
“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,” said Bill Van Faasen, Interim CEO of Acreage Holdings.
In addition to selling products in its own dispensaries, Acreage will also use the existing distribution channels through strategic corporate relationships, the companies said in a joint statement.
Reporting by Shradha Singh in Bengaluru; Editing by Shailesh Kuber