Cover Development Revises Beverage Begin Schedule – firebird-cbdoil
January 17, 2020 From COMMUNICATION
SMITHS FALLS, ON-Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED, NYSE: CGC) submitted the final documentation for its beverage facility to Health Canada at the end of June 2019 and subsequently received the license End of November 2019. In the seven weeks since the license was obtained, the company has made significant progress in scaling the production process for its cannabis beverages from the laboratory to the commercial scale.
Management remains very confident in the underlying beverage science and ability to scale production and bring high quality, differentiated cannabis drinks to the market. However, the scaling process is not yet complete, and the company is extending the time to market as the internal teams complete the final steps.
"Canopy had seven weeks to work with THC in the brand new beverage factory to scale processes and IP values it developed in the R&D environment," said David Klein, CEO of Canopy Growth. "To deliver products that meet the high demands of our customers, we are currently revising the launch date as we work through the final details."
Cannabis drinks have a disruptive effect and can introduce new users to the cannabis category over time. Canopy does not believe that this delay will have a significant impact on fiscal 20 earnings.
The company plans to provide an update with the release of its financial results for the 3rd quarter of fiscal 20.
Here’s to future growth (cannabis category).
Vice President, Investor Relations
855-558-9333 Extension 122
About Canopy Growth Corporation
Canopy Growth (TSX: WEED, NYSE: CGC) is a leading global diversified cannabis, hemp, and cannabis device company that offers various brands and curated cannabis strains in dried, oil, and softgel capsule forms offers as well as medical devices through the Canopy Growth subsidiary Storz & Bickel GMbH & Co. KG. From product and process innovation to market launch, Canopy Growth is driven by a passion for leadership and a commitment to building a top-notch cannabis company for every product, location and country. Canopy Growth operates in over a dozen countries on five continents.
Spectrum Therapeutics, Canopy Growth's medical division, is proud to train medical professionals, conduct solid clinical research and promote public understanding of cannabis, and has spent millions of dollars on innovative, commercializable research and IP development expended. Spectrum Therapeutics markets a range of full-spectrum products under the Bionorica Ethics brand using its color-coded classification spectrum system and the single cannabinoid dronabinol.
Canopy Growth operates retail stores across Canada under the award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand that has built a large and loyal following by focusing on quality products and meaningful customer relationships.
From our historic listing on the Toronto Stock Exchange and the New York Stock Exchange to our continued international expansion, pride in increasing shareholder value through leadership is firmly anchored in everything we do at Canopy Growth. Canopy Growth has partnered with leading sector names, including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name a few. Canopy Growth operates eleven licensed cannabis production facilities with a production capacity of over 10.5 million square feet, including a production area of over one million square feet of GMP-certified production area. More information is available at www.canopygrowth.com
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. Often, but not always, forward-looking statements and information can be identified using terms such as "plans", "expectations" or "not expected", "is expected", "estimates", "intends", "expects". does not anticipate or anticipate or believe, or variations of such words and phrases, or states that certain actions, events or results "may", "could", "would", "could" or "will" have been taken, occur or achieved. Forward-looking statements or information include known and unknown risks, uncertainties and other factors that may cause actual results, performance, or successes of Canopy Growth or its subsidiaries to differ materially from future results, performance, or successes expressed from the future statements or information in this press release are implied. Examples of such statements are statements regarding future product format offers. Risks, uncertainties and other factors associated with forward-looking information may cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied in such forward-looking information, including the company's ability to conclude sales contracts or provinces to purchase all of their assigned cannabis products and risks that are set out in the company's annual information form dated June 25, 2019 and submitted to the Canadian Securities and Markets Authority and available on the company's issuer profile on SEDAR at www.sedar.com. Although the company believes that the assumptions and factors used in the preparation of the forward-looking information or forward-looking statements in this press release are not reasonable, no undue reliance should be placed on this information and no assurance can be given, that such events occur this year within the disclosed timeframes or at all. The forward-looking information and forward-looking statements in this press release are as of the date of this press release, and the company is under no obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events, or otherwise, unless otherwise applicable Securities law prescribed.