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Canopy Growth Corp. Solidifies Strategic Partnership With Uber To Deliver Cannabis

Nov 22, 2021 • 7:44 AM EST
2 MIN READ  •  By Michael Berger
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Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) just announced one of the most significant partnerships in the history of the cannabis industry…

The Licensed Producer (LP) reported that its Canadian cannabis retail operation, Tokyo Smoke, has partnered with Uber’s (Nasdaq: UBER) delivery and takeout unit to allow online cannabis orders to be made through Uber Eats in Ontario.

We are favorable on the growth prospects that are associated with the relationship as well as the brand power that Uber has. Earlier this year, the ride share company reported to be closely following the cannabis industry.

Shortly after Uber CEO Dara Khosrowshahi announced that the company will definitely consider delivering cannabis in the United State (US) when federal regulation on the Schedule 1 substance changes; the company announced that it would support for cannabis legalization efforts and we are favorable on this.

Following Uber’s announcement, Amazon Inc. (Nasdaq: AMZN) announced plans to support the federal cannabis legalization movement and said that it would like to see Congress pass legislation to end prohibition. The amount of lobbying power that Amazon and Uber bring to the legal cannabis movement is significant and we consider the support from the organizations to be of great significance.

Federal cannabis legalization in the US is nearing an inflection point and we are bullish on this trend. We consider cannabis reform in the US to be the most significant potential catalyst for the sector and will monitor how legalization efforts advance in the near-term.

From forming strategic partnerships to making acquisitions, Canopy Growth is well positioned to capitalize the US cannabis industry. We believe the relationship with Uber for the Canadian retail market will provide them with insight as it relates to capitalizing on the opportunity in the US when cannabis is no longer illegal at the federal level.

If you are interested in learning more about Canopy Growth’s relationship with Uber, please send an email to support@technical420.com with the subject “Canopy Growth and Uber” to be added to our distribution list.

For the fastest access to data on Canopy Growth’s relationship with Uber, sign up for our free newsletter!

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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