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.
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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.
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