Canopy Growth’s earnings
On February 14, Canopy Growth (WEED) (CGC) reported its earnings. The company held an earnings call the next day. We discussed the earnings call and summarized the key takeaways in this series. To learn more, read Analyzing Canopy Growth’s Q3 Results.
Cannabis-infused beverages have been discussed for some time. Canopy Growth and HEXO (HEXO) are expected to partner with beverage giants Constellation Brands (STZ) and Molson Coors (TAP), respectively, to introduce infused beverages in the market. As of February 19, infused beverages aren’t legal for sale in Canada. Canopy Growth expects the Canadian government to introduce the legislation to sell infused beverages.
Based on the anticipation, Canopy Growth stated in its earnings call that it has already developed facilities that will produce infused drinks. The facility would be ~150,000 square feet in size. The facility is expected to come online in May. The company will likely introduce beverages under the umbrella of Tweed brands.
Canopy Growth stock rose 2.5% on February 15. The stock has risen nearly 77% year-to-date. The ETFMG Alternative Harvest ETF (MJ) rose nearly 43% during the same period.