One of Canada’s cannabis giants has revealed the new generation of cannabis products for the country’s legal marijuana market.
On Thursday (November 28), Canopy Growth (NYSE:CGC,TSX:WEED) unveiled its line-up of new wave cannabis products during an event dubbed “Flower Forward: The Future of Cannabis,” in which the company revealed the look of its new line of vape pens, infused beverages and chocolates.
At the event, marijuana enthusiasts got the chance to smell, taste and feel some of what so-called Cannabis 2.0 will have to offer.
The new product offerings indicate a shift for Canopy Growth from a cannabis firm to a tech company, Canopy Growth President Rade Kovacevic told the Investing News Network (INN), and the products give the company a chance to expand its existing market.
According to Kovacevic, the transition to 2.0 will represent an equal footing in the sales race between licensed producers (LPs) and the unregulated market in Canada.
“It’s the first time that the legal industry has had an opportunity to compete with the black market … while allowing us to create new products that we believe will disrupt not only the cannabis industry, but the beverage alcohol industry as well,” Kovacevic said.
The executive told INN the initial launch will present consumers with over 30 new products in the market. Additionally, the company is working on 20 more products for the 2.0 stage.
A large portion of the new offerings is made up of the company’s beverage lines. There’s the Tweed Ready to Drink line that are pairs tonic, soda and ginger ale with some of Tweed’s most popular strains of marijuana.
There’s also two sparkling water lines, Houseplant and Quatreau, that offer up to 2.5 milligrams of tetrahydrocannabinol (THC) and well as a half-and-half option of 2 milligrams of (cannabidiol) CBD and 2 milligrams of THC.
Finally, we have Deep Space, Canopy’s strongest beverage, with 10 milligrams of THC per can, the highest amount of the drug Health Canada allows per package. Deep Space will go for C$3.49 per can.
As a part of this first pack of products, the LP is introducing new lines of vape pens, including the single-use Juju Joints and the reusable Juju Power, which comes with a USB docking station.
Its Juju line of vapes comes with an accompanying app that allows users to control temperatures remotely and track their device in case it gets lost.
Juju Joints will range in price from C$44.99 to C$79.99 depending on the cartridge size, while the Juju Power will be C$34.99 and the accompanying cartridges will cost C$49.99.
Canopy Growth’s cannabis retailer, Tokyo Smoke, will also be adding a new line of branded vape pens called Luma. Along with the pens, Tokyo Smoke will offer color-coded cartridges with different strains of cannabis extracts at a variety of THC and CBD levels.
Luma vapes will start at C$34.99, while the pods will run customers C$59.99.
The product release follows after the company announced it has received licensing from Health Canada for a state of the art beverage facility.
The third core product category Canopy Growth showcased included its brand new cannabis-infused chocolate lines for the Bean & Bud Craft Cannabis Company, it’s Tweed brand and Tokyo Smoke. The chocolates start at C$7.99 per bar and are made with cocoa harvested from countries including Colombia and the Dominican Republic.
“I think there’s opportunities to convert people from the illicit market to the legal markets through these products,” Kovacevic told INN. “You have products like our beverages … (that) don’t necessarily exist in the illicit market. And so I think they’re a great opportunity to bring new people into the sector.”
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
The product will include polyphenols known to have significant health benefits.