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Canopy Growth Set To Unleash New Product Blitz

August 10, 2021

Canopy Growth saw sales climb 23% year-over-year to C$136 million ($108m) in its fiscal first quarter ended in June, with adjusted EBITDA showing a loss of C$64 million ($51m). Revenues were driven by “strong double-digit growth across Canadian cannabis and other consumer products, partially offset by a decline in international cannabis,” according to the company, which added that it has maintained its position as Canada’s recreational market share leader, with a 15% share across tracked provinces—including an 18% share in the flower category—despite intensifying competition.

Canopy’s innovation pipeline is now flowing strongly, with more than 100 new SKUs set to enter the market over the next two quarters. In particular, Canopy says it expects to double its number of THC beverages on the market over the coming months, including line extensions of its Deep Space 10mg offering. In the flower and pre-roll segment the company recently debuted Tweed Quickies and Ace Valley Pinners—small size, single strain pre-rolled joints—because it believes consumers prefer individual joints rather than shared pre-rolls post-pandemic. Other upcoming innovations will include premium Live Resin cartridges, multiple new or upgraded vape devices, and a “robust portfolio” of gummies including “gourmand flavors” and higher THC levels.

In the U.S., Canopy says it’s making gains with its Martha Stewart CBD brand, which is now third-ranked among all CBD supplements in the food, drug, and convenience-store channel, according to IRI data, and with the ramping up of its Quatreau CBD beverage distribution through Southern Glazer’s.—Daniel Marsteller

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