Canopy talks at global consumer event

Published on September 9, 2020 by David Wylie

Barclays New York building at night. Wikipedia

Canopy Growth’s top brass are participating in a fireside chat at a global conference for corporate executives and institutional investors.

Some of the biggest companies in the world attend Barclays Global Consumer Staples Conference to talk about market trends.

The live audio webcast is today (Sept. 9) at 1:40 p.m. (PST) and is accessible through Canopy’s website.

The company’s CEO David Klein and EVP & CFO Mike Lee will speak.

This is Canopy’s third year participating, and they’re the only cannabis company that’s participated in this event to date.

Canopy said that cannabis is ultimately a consumer packaged goods industry.

In a statement to the oz., Canopy said the CBD market in the U.S. is an extremely attractive space in need of a clear leader.

 • RELATED: Martha Stewart launches her own CBD line

“From a consumer standpoint, the CBD market feels cluttered and confusing – 86% of Americans have heard of CBD, although 66% are unable to name more than one brand,” said Canopy.

“That presents an opportunity for Canopy Growth to capture significant market share and differentiate ourselves with a research-backed, product-focused, and ultimately brand-led approach.”

Canada’s biggest cannabis company has been stepping up its activities in the U.S. market, including launching the ecommerce site, which features First & Free, This Works, Storz and Bickel, and BioSteel.

The site will soon feature its Martha Stewart CBD line of products that are launching in the next few weeks.

Here at home, Canopy has been expanding its brick and mortar footprint, with 10 new stores in Alberta.

They will fly the Tokyo Smoke and Tweed banners, marking its first retail cannabis presence in the province. Most of the stores are in Calgary, with others in Spruce Grove, Lethbridge, and Edmonton.

They’ll be creating more than 100 jobs in the Alberta market.

That brings the number of Tokyo Smoke and Tweed retail cannabis stores in Western Canada to a total of 29, adding to existing locations in Manitoba and Saskatchewan.

It will also increase Canopy’s retail banners across Canada to a total of 50, with more planned throughout the 2020 calendar year.

The growth comes alongside contractions, however, with further layoffs in Ontario.