Martha is making another move into the weed game
Snoop Dogg and Martha Stewart pose in the press room at the 2017 MTV Movie and TV Awards at The Shrine Auditorium on May 7, 2017 in Los Angeles, California. (Photo by Getty Images/ Jason LaVeris/FilmMagic)
Martha Stewart just joined forces with one of the biggest names in the cannabis industry. Last week, Canopy Growth Corp announced that Stewart—a cookbook author, businesswoman, and television personality—had been brought on to the Canopy team as an advisor. Her role will be to help oversee the development of cannabis products—both for humans and their pets.
Stewart’s first project will be developing CBD products that people can give to their pets. CBD works for pets in many of the same ways that it helps humans—to treat things like inflammation, anxiety, epilepsy, and to function as a sleep aid. Since CBD is non-psychoactive, users (pets and humans alike) do not get high from consuming it.
According to Canopy Growth, Stewart was chosen for her knowledge of consumer products. Canopy’s chairman and co-CEO, Bruce Linton, has called Stewart an “icon”. “As soon as you hear the name Martha, you know exactly who we’re talking about,” said Linton in an interview with USA Today.
This also isn’t Stewart’s first foray into the cannabis industry. Martha Stewart’s introduction to the cannabis space began in 2016 with her cooking show, Martha & Snoop’s Potluck Dinner Party, which she co-hosted with rapper and longtime cannabis advocate Snoop Dogg. (Interestingly, Canopy Growth’s subsidiary, Tweed, also partnered with Snoop Dogg in 2016 to gain exclusive rights to use products owned by Snoop’s company LBC Holdings.) Stewart’s show with Snoop Dogg has allowed her to garner legitimacy as a public figure who represents and advocates for cannabis and helped introduce her to a younger generation of cannabis consumers who may not have previously known her.
In January, Canopy Growth announced that they had officially been awarded a license to produce and process hemp in New York state, allowing the company to produce CBD products.
According to some reports, the CBD market is expected to reach as high as $22 billion in the coming three years. This partially has to do with the diverse number of ways that CBD can be used therapeutically, for health and wellness purposes. Studies have found that CBD may have applications for everything from common anxiety issues, like the fear of public speaking, to rare medical conditions like certain forms of childhood epilepsy.
The deal is between Canopy Growth and Sequential Brands Group, which owns Martha Stewart Living Omnimedia. The price of both companies’ shares went up after the news was announced. Shares for Sequential Brands Group spiked more than 30%, while the price of shares in Canopy Growth went up by 4%.