An unexpected name just entered the cannabis industry as lifestyle personality Martha Stewart announced she will partner with Canopy Growth Corporation (TSX:WEED; NYSE:CGC) and Sequential Brands Group, Inc. as an advisor on CBD-based products.
In that role, Stewart will focus on developing and marketing products aimed at animals while the company completes studies on the effectiveness of cannabinoids for pets. Canopy is aiming to draw on Stewart’s wide name recognition and position as a brand all her own to fuel interest in this untapped portion of the market.
The overall cannabis industry on both the THC and CBD sides continue to draw on star power and well-known names to fuel new ventures and expansions into additional product lines.
Earlier this week, Canopy also hired cannabis patient advocate Hilary Black to serve as Chief Advocacy Officer, while other companies such as Supreme Cannabis (TSX: FIRE) have inked consulting deals with musicians like Wiz Khalifa.
Canopy Growth Co-Chief Executive Officer and board chairman Bruce Linton commented on the new partnership with Stewart:
Following a series of quarterly reports throughout the industry showcasing high debt and slow growth, cannabis companies have been on the hunt for new revenue streams outside dried flower marijuana or hemp-based CBD intended for human consumption.
While beauty and wellness products make up a significant portion of those newer product lines, pet products from hemp are now starting to make headlines as well.
Industrial hemp growing was recently legalized following the passage of the 2018 farm bill in the U.S. last year, leading Canadian cannabis companies that already had existing knowledge and infrastructure to leap at the newly opened opportunity.
After the bill was signed into law, Canopy announced the company’s intention to invest $100 million into a New York state hemp farm to begin large-scale cultivation. CBD extracted from that farm will be used for products aimed at both pets and human consumers.
A full breakdown of Canopy Growth’s latest quarterly reports and cannabis stock valuation can be found right here.
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