Canopy Rivers believes that Herbert, equipped with existing. Canopy Growth Corp (TSX:WEED) (NYSE:CGC)
Since securing its deal with Constellation Brands, Inc. (NYSE:STZ), all eyes have been on Canopy Growth and what it plans to do in the beverages space.
Thus far, the companies have been tight-lipped around any potential beverages.
However, given that Constellation invested in Canopy Growth back in late 2017, it would be shocking if the two hadn't made progress on cannabis-infused beverages since then.
But Canopy Growth has been making moves to suggest it is getting ready to ramp up for something big. Last month, it secured a hemp license with the State of New York and announced it was going to setup operations in the State as well.
Recently, it also announced it would be injecting an additional CAD $30 million into Canopy Rivers Inc. (TSXV:RIV), its investing arm.
A few weeks prior to that, Canopy Rivers had made an equity investment in a company called "Herbert." Herbert is involved in the edibles and cannabis beverages market and could open up many opportunities for the cannabis giant.
Canopy Rivers believes that Herbert, equipped with existing R&D, marketing and manufacturing expertise, has the ability to enter this market quickly and achieve success in creating widely appealing THC-infused beverages and edibles under this new standalone brand
- Narbe Alexandrian, President of Canopy Rivers
What role all these moves will have in The Company's overall beverage strategy is unclear, but there's no denying Canopy Growth is aiming to be a big player in this segment of the market.