It appears that having all the money in the world can’t solve quite everything. Canopy Growth Corp (TSX: WEED) (NYSE: CGC), the current cannabis sector leader in terms of size and funding announced this morning that the company will be delaying its roll out of its cannabis beverage product line, despite previous announcements. The news follows the circulation of rumours that the company was having issues with its bottling process.
The news release this morning identified that the company will be delaying the roll out of its beverage product lines due to an incomplete scaling process with respect to its beverage facility. The company identified that following receiving its license in November 2019, the company has not had sufficient time to complete the scaling process to bring production from an R&D phase to that of commercial production.
According to the company, the delay is not believed to have a material impact on the company’s revenues for fiscal year 2020.
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While the company announced last month that beverage products were to hit the shelves in “early January,” today’s announcement has clarified that as of yet there is no estimated timeline for the roll out of the beverage line. Instead, the company intends to issue an update when it files its third quarter financials for fiscal year 2020.
Canopy Growth has not yet set a date for the release of these financials.
Canopy Growth Corp last traded at $24.30 on the NYSE.
Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
