+ 0.70
+ 0.47%

Canopy Growth CEO Looks To The 'Pharmaceutical World' After String Of M&A Deals

June 25, 2019 10:54 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Canopy Growth CEO Looks To The 'Pharmaceutical World' After String Of M&A Deals

Canopy Growth Corp (NYSE:CGC) has no interest in using any of its capital to buy any more cannabis producers either in Canada or abroad, CEO Bruce Linton told the Financial Post.

What Happened

Canopy bought at least a dozen smaller cannabis producers over the past year, but the string of acquisitions has come to an end, Linton told the publication. Flush with billions of dollars from Constellation Brands, Inc. (NYSE:STZ)'s investment, the cannabis company is now "more interested in what exists in the pharmaceutical world," he said.

"We will not be buying anyone who currently produces cannabis in Canada for sure," said Linton.

Need more cannabis news? Check out all of our coverage here.

Canopy acquired the appropriate number of producers it needs to satisfy demand, the CEO said. The company is now focusing on ancillary items, including biopharmaceutical products as part of its investment in C3 and skincare products through its investment in U.K.-based This Works.

What's Next

Canopy is also preparing the launch of a cannabis-infused drink that targets an older demographic, Linton said.

The "Tweed and Tonic" will appeal to consumers in the 60-75 age bracket who "can't consume alcohol for a variety of reasons," he said.

"Tweed and Tonic," which Linton said will come in ready-to-serve containers, will taste a little like lemon and appeal to older drinkers concerned about the impact of alcohol on their weight, he said.

Canopy shares were down 0.69% at $40.29 at the time of publication Tuesday.

Related Links:

Canopy Expands Canadian Footprint With Outdoor Grow License In Northern Saskatchewan

Cramer On Cannabis: Innovative Industrial Won't 'Let You Sleep Soundly,' Constellation A Safer Bet

A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies

How To Invest In Marijuana Stocks

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.

Related Articles

A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies (Updated)

As the cannabis industry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small. read more

The Week In Cannabis: CT Goes Legal, O'Brien Smokes On TV, A New Extraction Giant And More

In another busy week, cannabis stocks traded up, outperforming general markets. Over the five trading days of this week: read more

The Week In Cannabis: Earnings, Financings, M&A, Cookies U, DEA, DJ Khaled, And More

In an earnings-heavy week, cannabis stocks experienced considerable volatility. read more

'Ohio Lawmakers Officially File Marijuana Legalization Bill In Historic First For The State' -Marijuana Moment

https://www.marijuanamoment.net/ohio-lawmakers-officially-file-marijuana-legalization-bill-in-historic-first-for-the-state/ read more