Canopy Growth predicted the global cannabis market will climb from some $10B to $15B today to nearly $70B by 2023–with 90% of consumption driven by the US, Canada, and Germany.
- The most popular 30% of the company’s products account for 80% of Canadian REC sales, and Canopy’s products represent 12% of overall 2.0-product sales. The company is working to weed out “low velocity” products, while prioritizing low-cost value brands.
- Executives reportedly “identified dried flower quality as an area of improvement,” which some growers alleged has been a long-term Canopy problem the company ignored for “high margin derivative products.”
Twitter–@WhatsMyPot, @Spearster55, @mk999
To cut costs, company representatives warned further layoffs would follow the more than 800 jobs slashed since January. (Last week, MJBiz Daily revealed Canopy CEO David Klein was compensated at a rate four times times that of ousted co-founder/co-CEO Bruce Linton.)
BNN Bloomberg, MJ Biz Daily
- Canopy believes its beverages will be key to bringing non-consumers into the REC market. Klein predicted REC beverages could eventually represent 5% of Canadian beverage sales.
Supply Chain Digital
- Predicting the U.S. will legalize REC at a federal level by 2022 , Klein has focused the company on the U.S. (along with Canadian and German markets). Once the US legalizes, Canopy may enter that market through its arrangement to acquire Acreage Holdings.
Barron’s, MJ Biz Daily
- Canopy’s next brand will be an American CBD product affiliated with Canopy investor Martha Stewart.