Following a CBD-based partnership with Martha Stewart announced last month, Canopy Growth Corporation (TSX:WEED, NYSE:CGC) is again looking to celebrity power to fuel a new business venture.
This morning, Canopy announced the acquisition of a minority ownership in Houseplant, a cannabis brand co-founded by screenwriter Evan Goldberg and actor Seth Rogan.
The comedy duo is best known for their collaboration on raunchy movie projects such as Superbad and Sausage Party, as well as the marijuana-themed Pineapple Express. Rogan commented on the new venture with Canopy:
Rogan further stated that besides cultivating cannabis, Houseplant will have a secondary focus on assisting those who have been incarcerated over cannabis before legalization arrived.
The newly-announced partnership will see Houseplant strains in both pre-rolled flower and softgel forms produced at Canopy Growth facilities and launched to consumers through the company’s distribution network.
A first strain named Houseplant Sativa is due to arrive next month online and through licensed brick-and-mortar retailers in Canada. Two additional strains simply titled Houseplant Indica and Houseplant Hybrid will then follow with rollouts in the coming months.
Canopy’s Co-CEO Mark Zekulin had this to say about the partnership:
Houseplant additionally just launched a website aimed at cannabis education for U.S. consumers, which can be found here.
This isn’t the first major new partnership announced by Canopy Growth so far in March, with the company acquiring hemp producer AgriNextUSA last week and announcing plans to invest $100 million into a US-based industrial hemp park.
That deal was made possible by the passage of the 2018 U.S. farm bill last year, which has seen rapid growth for hemp companies as well as a barrage of acquisitions and investment deals.
Apart from Canadian cannabis deals and U.S. hemp expansion, Canopy additionally announced a move to further operations in Europe earlier this month. That deal sees Canopy Growth significantly extending a previous partnership with seed supplier DNA Genetics.