Cannabis, it’s a good thing. That’s what we can only assume the queen of entertaining would say about her newest business venture. Today, Canopy Growth announced the company signed Martha Stewart as an adviser to develop a “a broad new line” of products for both humans and animals.
“I am looking forward to working with the Canopy Growth team,” Stewart said in a statement. “I’m especially looking forward to collaborating on developing products that can help people and their treasured animal companions.”
Though the exact numbers of the deal are unknown, the partnership will include Sequential Brands Group, which owns the Martha Stewart media and merchandising brands. News of the deal caused stocks of Sequential upward by 51 percent, according to the New York Post.
— TheStreet (@TheStreet) February 28, 2019
Several clinical trials for the products are already underway, as Canopy aims to couple its exploration of CBD on human and animal health with the Martha Stewart name brand. Their research will include the effectiveness on using CBD to treat anxiety in animals. Canopy also announced it would invest between $100-150 million in a hemp industrial park in New York.
“As soon as you hear the name Martha, you know exactly who we’re talking about,” said Canopy Growth chairman and 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.”
This isn’t Canopy’s first high-profile celebrity partnership. Tweed, a Canopy Growth subsidiary, partnered with Snoop Dogg back in 2016 resulting in Tweed selling the Leafs by Snoop brand. Stewart and Snoop also have a show together called “Martha & Snoop’s Potluck Dinner Party” to complete the brand synergy going on here.