Martha Stewart has entered a business partnership with Canopy Growth of Canada. You know…THAT Martha Stewart! The sweet old lady that reminds you of your Aunt Shirley. Canopy is one of the world’s largest marijuana producers. She is teaming up with them to help develop hemp-derived CBD products. You will see these products right here on CBDipedia soon enough.
Stewart is known for many hats. One is that she is a retail executive businesswoman, a writer, and a TV personality. As founder of Martha Stewart Living, she has been hugely successful in her business ventures which are not limited to publishing, broadcasting, merchandising, and e-commerce. She has written numerous bestselling books, is the publisher of Martha Stewart Living magazine, and hosted two syndicated television programs, Martha, which ran from 2005 to 2012, and Martha Stewart Living, which ran from 1993 to 2004.
What Will Be Stewart’s Role?
Stewart will play an advisory role at Canopy and will assist in developing a broad new line of CBD infused animal health products, the company announced to media on Thursday. The partnership includes Sequential Brands Group, a consumer brands company in the fashion, active and home categories that works with Stewart.
Stewart’s name graces hundreds of products at more than dozens of retailers. One can buy Martha Stewart branded shoes, organization products, roses and more.
With several clinical trials underway, the company said it plans to leverage Stewart’s consumer experience while exploring the effects of CBD on human and animal health.
“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,” said Stewart. “I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets.”
The collab is named as Canada’s marijuana producers scramble to secure a market share in U.S. and Canadian markets. Demand for marijuana and THC products has skyrocketed in Canada following its decision to legalize recreational use in October. This has lead to supply shortages across the country.
Interest in CBD, or cannabidiol, is currently booming. This will only increase as more recognizable brands introduce their own CBD products into the market. Although as of this article, companies are prohibited by the FDA from adding CBD to food, beverages and dietary supplements in the United States, many are doing so anyway.
Partnerships with celebrities like Stewart are key to building consumer trust. Companies have been doing it forever. It only makes sense that the THC / CBD world would join. Even though people are getting more comfortable with cannabis, there’s still some trepidation they will need to overcome. This is where celebrity partnerships and joint ventures come in handy.
“As soon as you hear the name Martha, you know exactly who we’re talking about,” said Bruce Linton, Canopy Growth chairman and co-CEO. “Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal.”
Who is Canopy Growth?
Based in Smiths Falls, Ontario, Canopy Growth operates ten licensed marijuana and hemp production sites with over 4.3 million square feet of production capabilities. In the company’s most recent quarterly earnings report, they said they sold 10.1 tons of pot and pot equivalents in October through December alone.
As of late September 2018, Canopy was the world’s largest cannabis company, based on the value of all shares, or market capitalization.
In addition to operations in Canada, Canopy Growth has a partnership agreement in Spain with pharma company Alcaliber S.A. They own a subsidiary in Germany that imports medical cannabis, Spektrum Cannabis GmbH, and they have a partnership with Spectrum Cannabis Denmark ApS, a medical cannabis grower.
The company is also involved in the business in Jamaica, Chile and Brazil, as well as in Australia. In 2018, the company acquired Annabis Medical, a distributor in the Czech Republic, and medical marijuana supplier Daddy Cann Lesotho in Africa. In 2019 Canopy set up a partnership with the Beckley Foundation to distribute medical cannabis in the UK.