Share Your Pack, Not Your Pre-Roll: Canopy Growth Unveils New PRJ Line-Up
On July 27, 2021, Canopy Growth Corporation (NASDAQ: CGC) announced the launch of Tweed Quickies and Ace Valley Pinners, two new lines of smaller pre-roll joints available in larger pack sizes. This move responds to consumer preferences for more manageable cannabis options, particularly in social settings. Tweed Quickies, featuring 0.35 gram joints, come in packs of ten, while Ace Valley Pinners offer 0.3 gram joints in packs of eight. The products are designed for individual or group use without sharing, marking a significant addition to Canopy's product portfolio during the summer.
- Launch of Tweed Quickies and Ace Valley Pinners aligns with consumer preferences for smaller joints.
- Increased product variety may boost sales during summer socializing.
- Tweed Quickies are designed for consistent burn and convenience, potentially enhancing user experience.
- None.
Tweed Quickies and Ace Valley Pinners are now available, offering small joints in large pack sizes for social or individual sessions
SMITH FALLS, ON, July 27, 2021 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or "the Company") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, hemp, and cannabis device company, today announced two new offerings with the launch of Tweed Quickies and Ace Valley Pinners. These products showcase the continued evolution of Canopy Growth's pre-roll portfolio in line with consumer preference – providing Canadians with smaller joints in larger pack sizes of 8 or 10. In time for summer socializing, this is the perfect way to enjoy and share cannabis in a group setting, without having to pass a single joint around.
Canopy Growth recently commissioned a study by Dig Insights that found that traditional 0.5 gram joints are too big for many consumers to enjoy in one sitting and take too long to consume, in addition to concerns around sharing in current times. Canopy Growth leveraged this insight to develop its first two product lines – Tweed Quickies in 0.35 gram and Ace Valley Pinners in 0.3 gram offerings – with research indicating this was the optimal size for a quicker session that could be enjoyed on one's own or within a group setting without the need to share (1).
"Knowing that people may not want to 'puff, puff, pass' again, these smaller pre-rolls designed for individual consumption will allow consumers to enjoy a pre-roll on their own or in a group setting," said Kelly Olsen, Vice President of Global Flower Business at Canopy Growth. "We're evolving the meaning of what it means to share a joint – the perfect format for social occasions – and taking another step forward in our mission to deliver flower products rooted in consumer insights, purchases and behaviours."
The launch of Tweed Quickies marks the brand's first new pre-roll offering in 2021, coupled with Ace Valley's first product launch following its integration with Canopy Growth, with more ready-to-enjoy products expected to come to market over the coming months.
Tweed Quickies are evenly milled and machine rolled for a consistent burn, made with single-strain, whole flower, packed in a new, tapered cone shape that consumers prefer over cylinder shape joints (2). Containing ten 0.35 gram joints in two top-preforming varietals - Green Cush and Afghan Kush, Tweed Quickies are packaged in a reusable carrying case. In tandem, Ace Valley Pinners are also now available in a pack of eight 0.3 gram joints in Kosher Kush (Indica), OG Melon (Sativa) and Great White Shark – the #1 CBD-dominant pre-roll in the category (3), marking Canopy Growth's first premium large pack.
Tweed Quickies and Ace Valley Pinners are available for purchase nationally via legal recreational cannabis retail locations and ecommerce channels.
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.
References:
- Dig Insights. Canopy Growth Mood Modulation. February 2021.
- Toluna. PRJ Consumer Understanding & Concept Testing. November 2020.
- CGC Internal Data, January–May 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.
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SOURCE Canopy Growth Corporation
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