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
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.
Need more cannabis news?
Check out all of our coverage here.
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.
Canopy is also preparing the launch of a
cannabis-infused drink that targets an older demographic, Linton
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.
Canopy Expands Canadian Footprint With
Outdoor Grow License In Northern Saskatchewan
Cramer On Cannabis: Innovative Industrial
Won't 'Let You Sleep Soundly,' Constellation A Safer Bet
A Complete List Of NYSE And NASDAQ-Listed
How To Invest In Marijuana Stocks
See more from Benzinga
Â© 2019 Benzinga.com. Benzinga does not provide
investment advice. All rights reserved.