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All You Need To Know About Canopy's New Online CBD Marketplace

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All You Need To Know About Canopy's New Online CBD Marketplace

Cannabis and hemp company Canopy Growth Corp (TSX: WEED) (NYSE: CGC) has launched a new U.S.-focused e-commerce website under the domain ShopCanopy.com.

The site will supplement the offerings of popular distributors such as Direct CBD Online and Vitamin Shoppe, which currently carry a long list of Canopy Products.

The Shop

ShopCanopy will feature all of Canopy’s hemp-derived CBD product lines, including brands First & Free, This Works, and BioSteel, as well other wellness supplements and vaporization accessories.

The Martha Stewart CBD line will be available on the platform once it launches.

Benzinga caught up with Sol Clahane, Canopy’s vice president and general manager for the U.S. region, to better understand the project and what it means for consumers and investors

The idea behind the site is to provide U.S. consumers with a convenient, one-stop, intuitively designed destination for exploring and purchasing Canopy Growth’s products.

“The site navigation allows consumers to search by brand or product category, discovering SKUs ranging from CBD oils, softgels, and creams, to skincare supplements, and sports nutrition,” Clahane told Benzinga, anticipating the launches of “a number of other exciting brands launching before the end of the year.”

Beyond product, ShopCanopy features a robust educational catalogue, with more than 75 FAQ entries, blog posts, and other educational material designed to highlight the benefits of CBD and answer common questions consumers face when researching and selecting new products.

Good Timing

The launch of Canopy’s online store seems quite timely, considering the massive shift toward e-commerce seen during the COVID-19 pandemic — a trend that will likely not be reverted after it.

But for Canopy, it’s not just about timing. It’s also about building loyalty among its customer base by offering all of its products directly to consumers in one destination. And a key component in this, Clahane explained, is earning customers’ trust.

The FDA recently released a report stating that roughly half of the CBD products sold in the U.S. may be mislabeled or misleading. So, providing mechanisms to ensure quality and consistency is of utmost importance.

“Earning the loyalty and trust of U.S. consumers is something we take seriously,” Clahane said. “We believe that customers deserve to know exactly what they are, and aren’t, applying or consuming when they use a CBD product. We strictly abide by existing FDA regulations for manufacturing, testing, labeling and marketing dietary supplements, and avoid claims that can’t be clinically validated.”

In fact, every product sold on ShopCanopy will be accompanied by a Certificate of Analysis. These COAs detail a complete list of third-party verified ingredients and test results to certify precise and accurate labeling of cannabinoid content, purity and safety.

“Our intent is for Shop Canopy to carry our products exclusively, focused on delivering a diverse portfolio of quality products and premium brands for each consumer need state and price point,” Clahane ended.

At this time, Shop Canopy is being deployed as a solution for U.S. consumers, and shipping is limited to select states.

Image from company website.

 

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