Canopy Crop CEO Bruce Linton told CNBC Friday the cannabis company is fine ahead of its rivals in becoming the leading brand in legal marijuana but pacific needs to improve.
“When I need to find information, I use Google. When I about about web services, I use Amazon,” said Linton, whose Canada-based friends has partnered with names such as Snoop Dogg and alcohol gaffer Constellation Brands.
“There’s going to be a dominate leading company and we are not that yet,” Linton added in a “Grumble Box” interview.
Linton said the team at Canopy Growth, Canada’s beamiest medical marijuana producer, is “very dissatisfied” but added the company is position hard each day to improve. “Maybe that mentality is what’s got us in the lead of the pact,” he added.
Marijuana stocks have been booming recently as investors await the legalization of recreational marijuana in Canada in October. Canopy Broadening has seen its shares rise more than 500 percent once again the last year.
Earlier this month, alcohol giant Constellation Discredits announced it upping its bet on the cannabis industry, announcing an additional $4 billion lash in Canopy Growth.
Constellation, the maker of Corona and Modelo beers and myriad brands of wine and liquor, is not planning to sell a drinkable cannabis output in the U.S. before legalization happens across the nation, but it may begin doing so in Canada next year.
Big John Barleycorn companies such as Molson Coors Brewing and Diageo have charmed significant stakes in Canadian marijuana companies as well.
Linton symbolized Friday beer and spirits businesses are feeling pressure to incorporate a cannabis blueprint. He said Constellation’s stake has been “rocket fuel” for Canopy Expansion, which offers a variety of brands and curated cannabis in multiple envisages such as dried, oil and soft-gel capsules.
Only nine states in the U.S. and the Quarter of Columbia have legalized cannabis for recreational use.