Canopy Growth Corp (NYSE: CGC) has set its first foot into the U.S. CBD market, with the launch of First & Free, a hemp-CBD line aimed at the U.S. consumer markets.
Although the Canada-based company didn’t make an official announcement, BNN Bloomberg confirmed that First & Free, whose website went live on Wednesday, is an official brand of Canopy Growth, as stated in the website’s terms of service.
First & Free is launching a line of soft gels, oil drops and creams with shipping available to 31 U.S. states.
Why It’s Important For Canopy Growth
The launch is Canopy’s first immersion into the U.S. cannabis market, which comes a few months after the company’s shareholders approved the acquisition of Acreage Holdings (OTC: ACRGF) for $3.4 billion. Acreage is a vertically integrated cannabis firm with strong presence in the U.S. consumer market.
Also in 2019, Canopy acquired a 308,000-square-foot facility in New York, where the company expects to exercise its hemp production license, awarded by the State of New York in January.
Canopy vice president of communications and media Jordan Sinclair told BNN Bloomberg the company’s new First & Free website is in a testing phase to ensure it’s working properly and that “First & Free products are available for purchase only in states where permissible under state law in order to ensure compliance with state consumer protection mandates.”
Canopy Growth’s stock closed Wednesday’s session down 3% at $18.38 per share.
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