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Canopy Growth Is Optimistic about Cannabis Market

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Nov. 20 2020, Updated 4:39 p.m. ET

Cannabis sales go live

Recreational cannabis sales began in Canada on October 17, 2018. Canada is only the second country after Uruguay to legalize cannabis. As a powerful, developed nation, Canada may serve as a blueprint for other developed nations around the world.

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What Canopy Growth had to say

Canopy Growth (CGC) (WEED) issued a statement that along with education, it will introduce high-quality products along with “differentiated retail experience.” With so many companies in the cannabis market, product differentiation will be key to the success of a cannabis producer (HMMJ). Read The True Width and Depth of the Cannabis Market Segments.

Canopy Growth makes a move in the US

Now that recreational cannabis is legal in Canada, there is hope that other countries may also warm up to legalizing cannabis. The US market, in particular, will be of high interest to Canadian producers such as Tilray (TLRY), Aurora Cannabis (ACB) (ACBFF), and Aphria (APHQF). On October 17, Canopy Growth announced that it acquired the assets of Ebbu, a Colorado-based cannabis company. Canopy Growth hopes that the intellectual property obtained through this acquisition will be beneficial for developing cannabis-infused drinks as well as hemp-based products.

Read on to know about more developments in the cannabis sector on October 17.

 

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