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Canopy Growth rises after announcing cannabidiol product partnership with Martha Stewart

The domestic doyenne will apply her knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids for humans and pets
CBD liquids
Stewart says she is looking forward to the CBD collaboration with Canopy Growth

Canopy Growth Corporation (NYSE:CGC) (TSE:WEED) rose Thursday after announcing that the domestic doyenne Martha Stewart has joined the company in an advisory role to assist with developing a line of hemp-derived cannabidiol products.

The cannabis company, with the largest market cap and Stewart’s company Sequential Brands Group Inc (NASDAQ:SQBG) said she will apply her knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids for humans and pets.

Shares of Canopy Growth rose 3.5% to US$47.35 in New York trading. Sequential Brands surged 38% to US$1.66 on the Nasdaq.

READ: Canopy Growth partners with Alimentation Couche-Tard in cannabis retailing

"I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living," Stewart said in a statement. "I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."

Canopy Growth said it has developed diverse product offerings specific to hemp-derived CBD and looks forward to working closely with Stewart as they further develop and introduce these products to market in the future.

CBD is a non-psychoactive component of marijuana.

Earlier this month, Canopy Growth said it had signed a multiyear deal with convenience store operator Alimentation Couche-Tard Inc (TSE:ATD) for the retail sale of its Tweed line of cannabis products in a store solely dedicated to the brand.

Sequential Brands owns, promotes, markets and licenses a portfolio of consumer brands in the fashion, active and home categories and includes Stewart’s media and merchandising properties

Contact Dennis Fitzgerald at [email protected]

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