Canopy Growth just sent shockwaves yesterday with the launch of it’s CBD brand First & Free. This included free 2-day shipping with a purchase of $75.
This is something most of the CBD industry isn’t capable of delivering. With Charlotte’s Web as the top-selling brand in the United States under legal trouble, Canopy Growth is poised to make a huge leap.
Charlotte Web is being sued in North California for allegedly selling products marketed as a dietary supplement, something that the FDA says is illegal.
The FDA has not approved any CBD companies to use add the words “dietary supplements” on their labels.
The cost could hit their marketing budget if they are forced to change their labels including stores that choose to return their unsold CBD products.
First & Free is offered in a variety of formats, including softgels, oil drops, and creams.
“First & Free marks a new way for US consumers to purchase quality CBD products from a trusted source,” said Rade Kovacevic, President, Canopy Growth. “Through state-of-the-art extraction methods, strict quality control measures, and scientific research, we are delivering a best-in-class product to the market.”
Canopy Growth has a large market cap
Canopy has a market cap of more than $7 billion and is one of the top stocks in the industry.
They reported sales of more than $344 million Canadian dollars and has the capacity to continue growing its top line. With facilities of more than 10.5 million square feet, Canopy Growth has lots of available space to meet its customers’ needs.
Canopy Growth and Charlotte’s Web could become big rivals in the hemp CBD market in the U.S.
Canopy is ensuring it makes no claims unless clinically validated. This means they will only sell First & Free products in states where permissible under state law in order to ensure compliance with state consumer protection requirements and following the most serious state laws regarding the sale of CBD.
The company is also sticking to existing FDA regulations for manufacturing, labeling, and marketing dietary supplements.