Canadian premium flower market leader delivers 10 new strains to address growing consumer demand for premium flower with high THC potency from sought-after strains
Canopy Growth Corporation (" Canopy Growth" or " the Company ") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, today unveiled a new lineup of premium flower offerings across its 7ACRES, 7ACRES Craft Collective and DOJA brands, including a range of national and limited-edition craft strains. These sought-after strains meet the growing demand of the Canadian flower market and deliver the Company's commitment to deliver on consumers' evolving preferences.
Expanding on the successful 7ACRES portfolio, the Company is pleased to unveil two new national strains – 7ACRES Wappa 49 and 7ACRES Papaya - grown in the Company's state-of-the-art hybrid-greenhouse cultivation facility in Kincardine, Ontario and now available in 7 gram formats. Following the original release of 7ACRES Wappa in 2018, which quickly grew in popularity, the 7ACRES team brought the strain back with a new phenotype - #49 - selected in-house for its pungent aroma and high THC potency.
7ACRES Craft Collective Lineup:
The 7ACRES Craft Collective brand continues to bring new craft offerings to market, including the recently launched 7ACRES Craft Collective Jet Fuel Cookies – a limited-edition strain known for its sweet fuel-forward aroma that is grown in British Columbia , and available in Prince Edward Island and Ontario while quantities last. Through the 7ACRES Craft Collective, Canopy Growth is able to continue bringing consumers a wide variety of rotating strains, while also providing a launching pad for a number of skilled craft growers to gain market experience under the guidance of both the 7ACRES and Canopy Growth teams.
In tandem, two new national strains – DOJA 91K and DOJA Sour Kush – are now available under the DOJA brand. These indica-dominant strains with unique genetic profiles leverage DOJA's British Columbia grow techniques of hang-drying and hand-finishing the flower to ensure consistently high THC attainment and preservation of the aroma and flavour profile of the plant.
As part of DOJA's small-batch, craft program, five new limited-edition strains are available in 3.5 gram formats while quantities last, including: DOJA Crescendo, DOJA Cali Kush Cake, DOJA Black Cherry Punch, DOJA Sour Glue and DOJA GMO Garlic Breath. These strains were selected based on in-demand premium flower attributes and provide Canadians with premium quality flower this Okanagan-born brand is known for in British Columbia.
"The strong performance of our premium flower strains DOJA Okanagan Grown Ultra Sour and 7ACRES Jack Haze have helped Canopy build on its #1 market share in Canadian premium dried flower, with twice the market share of our leading competitor last quarter," said Kelly Olsen , Vice President, Global Flower Business. "We are committed to providing the Canadian consumer with a wide range of flower products and the launch of these ten new flower offerings delivers the premium credentials they're looking for."
The Canadian premium flower market continues to grow, accounting for more than 25 per cent of all recreational market flower sales across Canada in Q2, with a volume increase of 12 per cent over Q1 FY22 1 . In line with consumer demand, Canopy Growth continues to strengthen its flower portfolio, with a focus on enhancing cultivation techniques and rigorous quality control, while expanding its portfolio to deliver superior genetics, with several dried flower and pre-roll joint launches on the horizon in 2022.
These new DOJA, 7ACRES and 7ACRES Craft Collective strains are available for purchase nationally via legal recreational cannabis retail locations and e-commerce channels, with select strains available for a limited-time only.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.
Notice Regarding Forward-Looking Information
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"), which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. A discussion of some of the material factors applicable to Canopy Growth Corporation ("Canopy") can be found under the section entitled "Risk Factors" in Canopy's Annual Report on Form 10-K for the year ended March 31, 2021 , filed with the Securities and Exchange Commission and with applicable Canadian securities regulators, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission and with applicable Canadian securities regulators, which can be accessed at www.sec.gov/edgar and www.sedar.com , respectively. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the filings. Any forward-looking statement included in this press release is made as of the date of this press release and, except as required by law, Canopy disclaims any obligation to update or revise any forward- looking statement. Readers are cautioned not to put undue reliance on any forward-looking statement. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
1. CGC Internal Data, January – October 2021 , Calculated using internal proprietary market share tool that utilizes point of sales data supplied by a third-party data provider, government agencies and our own retail store operations across the country.
SOURCE Canopy Growth Corporation
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