Canopy Growth, Martha Stewart To Collaborate On CBD Product Development

(RTTNews) - Canadian cannabis company Canopy Growth Corp. (CGC, WEED.TO) and Sequential Brands Group, Inc. (SQBG) said that television show host and entrepreneur Martha Stewart has joined the company in an advisory role to assist with development of hemp-derived cannabidiol or CBD products for people and animals.

Sequential Brands is the consumer company that bought Martha Stewart Living Omnimedia in 2015. The company promotes, markets, and licenses a portfolio of consumer brands in the fashion, active, and home categories, which includes the Martha Stewart media and merchandising properties.

Cannabidiol is a naturally-occurring cannabinoid constituent of cannabis. It is a chemical in the marijuana plant often used for medicinal purposes, and does not have the intoxicating effects like those caused by tetrahydrocannabinol or THC. CBD is believed to relieve or ease symptoms related to health problems.

Canopy Growth noted that along with a deep understanding of what consumers in the United States and around the world want, Martha Stewart has been one of the most vocal advocates for animals.

"With several clinical trials underway, Canopy Growth will be leaning on Martha's vast knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids as they relate to improving the lives of both humans and animals," Canopy Growth said.

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

In January, Canopy Growth said it was granted a license by New York State to process and produce hemp and it intends to invest between $100 million and $150 million in its New York operations. The company said will invest in the Hemp Industrial Park in New York State on large-scale production capabilities focused on hemp extraction and product manufacturing within the U.S.

In August 2018, brewer Constellation Brands Inc. (STZ, STZ-B) said it will invest C$5 billion in Canopy Growth as part of an expansion of the two companies' strategic partnership. Constellation Brands previously acquired a 9.9 percent stake in Canopy Growth in October 2017.