Canopy Growth Corporation WEED, CGC said Friday it has made significant progress toward scaling the production process for its cannabis beverages, but it is extending out the date by which the beverages will reach the market.
The company had previously said the products would reach the market in early January.
The company obtained the license for its beverage facility in late November, and said it has been working on bringing the production process to commercial scale.
Canopy is enthusiastic about the underlying beverage science and its ability to scale production and introduce high-quality cannabis beverages to the market, the company said in a statement.
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Nevertheless, the scaling process is still ongoing.
"Canopy has had seven weeks to work with THC in the brand-new beverage facility to scale processes and IP it has developed in the R&D environment," CEO David Klein said in a statement.
"In order to deliver products that meet our customer's high standards we are electing to revise the launch date while we work through the final details."
Canopy did not disclose a date by which the beverages will reach the market. The company said an update will be issued alongisde its third-quarter results.
Canopy Growth shares were trading 2.84% higher at $24.99 at the time of publication Friday.
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Photo courtesy of Canopy Growth.
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