Beyond Flower: The Future of Cannabis?

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The success of the cannabis industry – valued at $20.47 billion in 2020 by Fortune Business Insights and expected to grow to $197.74 billion by 2028 – has brought a slew of players looking to capitalize on its rapid growth, and to stay competitive, established companies must continue to innovate.

Industry leader Canopy Growth Corp. WEED CGC has long held innovation at the heart of its operations. The consumer-centric company believes that its success has, in large part, come from its faithful quest to deliver what its customers desire. As consumer taste matures and shifts, Canopy looks to lead the industry forward.

Perhaps the most significant of these consumer shifts in preference is the desire for alternatives to flower and the benefits of CBD.

Benzinga sat down with Canopy interim Chief Product Officer, Tara Rozalowsky, to discuss the company’s vision for the future of cannabis and the products that will be at the center of the industry.

“Flower is still a large percentage of the cannabis business worldwide. What excites me, however, is the opportunity for new formats in cannabis that deliver different occasions and different need-states for consumers,” Rozalowsky said. “Those new formats include drinks, edibles, and CBD vapes. When you think about these formats, they are familiar formats from food and beverage, helping make cannabis accessible to new consumers. These innovative formats are really broadening the aperture of cannabis being about health and wellness.”

CBD appears to be at the heart of this shift as the cannabinoid can be used by consumers in many different contexts and lacks the psychoactive aspects of its cousin THC.

“According to BDSA, CBD will be a $1.5 billion dollar market — just in the U.S. alone,” Rozalowsky said. “As CBD solutions have become more broadly available, we have seen significant interest and adoption from different cohorts of consumers, of all different generations and walks of life, embracing CBD for its ability to help create relaxation or even focus.”

The company’s expanded offerings beyond flower comes behind three flagship product lines that are available in the U.S.: the whisl CBD vape, Martha Stewart CBD lineup, including topicals, edibles, and even pet products, and Quatreau, Canopy’s first CBD-infused sparkling water.

Each of these products deliver the benefits of CBD in a unique format, aligned to the needs of the consumer. For example, whisl is designed to deliver a faster route to calm and focus through the quickest delivery format for CBD — vapes.

Martha Stewart CBD offers consumers an array of crafted edibles, topicals, and oils from the legendary figure who worked closely with Canopy Growth to bring these products to life. In a short time, the brand has become an industry leader, providing consumers with simple solutions to improve everyday wellness.

“Martha is the curator for all things joyful and delicious,” Rozalowsky said. “As consumer curiosity grew around CBD, we knew it was critical to partner with a trusted brand and a celebrity like Martha. She is more than just an endorser — she designed the products with us, using ingredients grown in her garden as inspiration for many flavor profiles. This collaboration helped create a level of trust and the necessary entry-point education for consumers to confidently dive into CBD.”

Following the success of Martha Stewart CBD, Quatreau was launched in the U.S. in 2021 and is Canopy’s first CBD-infused sparkling water and cross-border brand. Each 12-ounce can of Quatreau sparkling water contains 20 mg of premium, U.S.-grown hemp-based CBD and one of four natural fruit and herb-based flavors: Cucumber + Mint, Passion Fruit + Guava, Blueberry + Acai, and Ginger + Lime. Given CBD’s benefits in realizing relaxation, Quatreau was designed as a low-calorie, sugar-free drink to help people take a moment of pause in their day and unwind from hectic daily life.

The success of Canopy’s diverse formats of CBD is not just seen when someone chooses a Quatreau over a glass of wine or uses a whisl to bring about instant focus, it is also evidenced in sales performance. 

Here are some impressive stats released by the Company: 

• Martha Stewart CBD is the fastest-growing CBD brand across all formats and the third CBD supplements brand in the U.S. 
• In Canada, Quatreau is the number one selling CBD drink across the country.
• whisl, which just launched in September 2020, has quickly become the third best selling vape in the category and has helped grow the market for CBD vapes by 20%. 

These numbers show that while flower will always be core to cannabis, the future will be brought to life through diverse formats aligned to specific occasions and consumer needs.

If you’re interested in learning more about Canopy and its products, check out https://www.canopygrowth.com/brands/.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.