March 1, 2019
Lifestyle guru Martha Stewart is going to pot, literally. She has signed on as an adviser to Canada-based marijuana producer Canopy Growth—agreeing to help develop and launch a line of pot-based products for both humans and animals, Reuters reported on February 28.
For 77-year-old Stewart—who has worked as a model, a stockbroker, a cookbook developer, a magazine editor, and a television star—this is simply another transition. And it’s one that she welcomes.
The deal between Canopy and Sequential Brands Group, which owns the Martha Stewart brand, will seek to leverage Stewart’s mastery of consumer branding to launch a line of products based on CBD, the non-psychoactive chemical found in marijuana.
Sequential’s shares surged 51% to $1.81 in early trading.
“I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets,” Stewart commented on the deal.
In Canada, where both pot and CBD are legal for recreational use, cannabis companies have been pouring cash into their businesses—both to fend off competition and develop new products
According to Reuters, Canopy also has announced plans to invest between $100 million and $150 million in a hemp industrial park in New York State. The U.S. Food and Drug Administration has not yet approved edible CBD; nor has New York State.
But word is, both approvals may be coming soon.
Research contact: @MarthaStewart