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Canopy Growth delays launch of cannabis-infused beverages

Canopy Growth Corp. is delaying the launch of its cannabis-infused drinks.

The company says the work to scale up to commercial production is not complete and it is delaying the launch date while it completes the final steps.

Canopy submitted its final documentation for its beverage facility to Health Canada last June and received its license in late November.

The company had expected to have its beverage products on store shelves in early January. It did not say when it now plans to launch its beverage products.

Canopy says it does not believe the delay will have a material impact on its revenue for its 2020 financial year.

It says it plans to provide an update when it releases its third-quarter results.

“Canopy has had seven weeks to work with THC in the brand new beverage facility to scale processes and IP it has developed in the R&D environment,” Canopy chief executive David Klein said in a statement on Jan. 17.

“In order to deliver products that meet our customer’s high standards we are electing to revise the launch date while we work through the final details.”