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After years of oversupply woes in Canada, pot producers are
banking on the much larger U.S. market opening up soon as
leading Democrats lend support to laws allowing easier banking
access, decriminalization of marijuana and other favorable
changes.
Canopy President and Chief Product Officer Rade Kovacevic said
the U.S. market was currently fragmented, presenting an
opportunity for a larger company to scale up in the region.
The Quatreau line of sparkling waters, which come in four
variants, would be available for online sales in U.S. states
that permit consumption of cannabidiol (CBD), Canopy said.
While 36 U.S. states and four other territories have approved
cannabis for medical use, 11 more have passed laws allowing the
use of CBD extract, usually in oil form, with minimal or no
tetrahydrocannabinol (THC), according to the National Conference
of State Legislatures.
Canopy said Quatreau is now the top-selling CBD beverage in
Canada within months of its launch there, as demand for
cannabis-infused edibles surged during COVID-19 lockdowns.
A non-psychoactive compound derived mainly from the hemp plant,
CBD is being researched for various medical applications and has
found increased use as a relaxative.
Canopy in October had outlined plans for the U.S. launch of its
THC-infused beverages during the summer in select markets
through a distribution partnership with New York-based Acreage
Holdings Inc.
(Reporting by Arunima Kumar in Bengaluru; Editing by
Ramakrishnan M.)
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