Canopy launches CBD-infused sparkling water line in United States
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FILE PHOTO: A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 .Picture taken January 4, 2018. REUTERS/Chris Wattie/File Photo
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(Reuters) - Canopy Growth Corp on Tuesday launched its CBD-infused Quatreau sparkling water line in the United States, as it seeks to secure a firm footing in the country's rapidly growing cannabis market ahead of expected reforms under President Joe Biden.
The company's U.S.-listed shares, up 41% through Monday's close, rose 1.5% in premarket trading on the Nasdaq.
After years of oversupply woes in Canada, cannabis 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 told Reuters that the U.S. market is currently fragmented, presenting an opportunity for a larger company to scale up in the region.
Quatreau comes in four variants and would be available for online sales in U.S. states that permit consumption of cannabidiol (CBD), Canopy said.
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.
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.
(Reporting by Arunima Kumar in Bengaluru; Editing by Ramakrishnan M.)
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