Cannabis giant, Canopy Growth Corp. (NYSE: CGC) said on Thursday morning that it plans to introduce its THC-infused beverage products to the U.S. market in the summer of 2021.
It will do this via Acreage Holdings, a U.S.-based marijuana company that agreed to be acquired by Canopy Growth following the legalization of marijuana at the federal level.
Canopy Growth already made a down payment to initiate the buyout process. Weed stocks as a whole were mixed on Thursday after the news.
Acreage Holdings expects to initially launch the cannabis-infused beverages in California and Illinois according to Canopy Growth. Cannabis is already recreationally legal at the state level in both states. The beverages will primarily be sold in Acreage’s own dispensaries but will also, “access existing distribution channels through strategic corporate relationships.”
“We are already working on our beverage production capabilities, and look forward to tapping the wealth of experience and research Canopy can offer following its successful entry in the category last year,” said Bill Van Faasen, the Acreage interim CEO.
