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.
"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]