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 (OTC:ACRGF) Inc.