The world’s largest cannabis company let the world know they were making a big partnership with one of America’s best-known female television hosts. Martha Stewart will now advice Canopy Growth Corp (TSX: WEED)(NYSE: CGC) on a new CBD-infused product line across multiple categories, including pet care.
Martha Stewart has a history of success in publishing, broadcasting, and merchandising, but also is one of the most vocal animal care advocates in the public space. The partnership with Canopy growth would see the award-winning television host help develop new products in the animal health care space.
“I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after five years of experience in the subject of living,” said Martha Stewart. “I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets.”
This isn’t the first time Martha Stewart expressed interest in the world of marijuana. She filmed multiple seasons of a cooking show alongside hip-hop artist Snoop Dogg, who also is a major cannabis proponent, making a batch of pot-infused brownies in one of her episodes. Canopy Growth has already made a partnership with the Snoop Dogg earlier last year.
“As soon as you hear the name Martha, you know exactly who we’re talking about,” added Canopy Growth co-CEO Bruce Linton. “Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal.”
Canopy Growth is backed by a multi-billion-dollar investment from Corona owner Constellation Brands (NYSE: STZ) and announced a deal with Sequential Brands Group (NASDAQ: SQBG), which is the company that bought Martha Steward Living Omnimedia back in 2015.
Canopy has also been making massive inroads in the newly legalized U.S. hemp market, promising to spend between $100 million to $150 million to set up the Hemp Industrial Park in New York much to the praise of state politicians such as Senator Chuck Schumer. Although the 2018 U.S. Farm Bill has opened the door for hemp-derived CBD production, the U.S. FDA will still be investigating whether to legalize CBD-infused food products in April.
According to a newly released report this week, roughly 7 percent of Americans are already using some sort of CBD product. Cowen & Co, the analysis firm that authored the report, figures that there will be 25 million regular consumers of CBD products by 2025, making it a $16 billion market according to BNN.
In response to the news, shares of Canopy Growth increased around 3.7 percent, continuing the week-long bull streak that the company has been seeing.
Canopy Growth Corp Company Profile
Canopy Growth (TSX: WEED) (NYSE:CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in 12 countries across five continents. – Canopy