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Pot producer Canopy launches CBD-infused beverage line in Canada

Nov 5 (Reuters) - Canadian pot producer Canopy Growth Corp on Thursday launched its first cannabidiol (CBD) infused beverage line in Canada, banking on continued demand for cannabis drinks which have gained popularity during coronavirus-related lockdowns.

A non-psychoactive compound derived mainly from the hemp plant, CBD is being researched for various medical applications and has found increased use as a relaxative.

Canopy said its “Quatreau” line of sparkling waters comes in two variants — one with only CBD and another with a limited amount of tetrahydrocannabinol (THC), the cannabinoid which causes a high.

A study here by analytics firm Grand View Research in January estimated the global cannabis beverage market could reach over $2.8 billion by 2025.

The pot producer, backed by Corona beer-maker Constellation Brands Inc, launched its THC-based drinks in Canada earlier this year and told Reuters it had sold 2 million cans so far.

Canopy in October announced plans to launch its THC beverages in the United States next summer. The company claims to control over 70% of the THC beverage market share in Canada.

Its chief executive David Klein, a Constellation veteran, told investors in August Canopy expected to double its drinks output for that month after having already doubled it the previous month. (Reporting by Shariq Khan in Bengaluru; Editing by Ramakrishnan M.)