Martha Stewart Enters Cannabis Industry
Marijuana producer Canopy Growth has roped in lifestyle guru Martha Stewart as an adviser to help develop and launch a line of pot-based products for both humans and animals, it said on Thursday.
Stewart, a 90s icon who became a household name through her cooking and lifestyle shows, co-hosts a show with rapper Snoop Dogg, who made headlines last year for smoking pot in front of the White House.
The deal between Canopy and Sequential Brands Group, which owns the Martha Stewart brand, will seek to leverage Stewart's knowledge of consumer products in the launch of products based on CBD, the non-psychoactive chemical found in marijuana.
Canopy currently has a licensing agreement with Snoop Dogg to sell "Leafs by Snoop" medical marijuana, and is looking to develop CBD-based products to treat anxiety in animals.
Sequential's shares surged 51 percent to $1.81 in early trading.
"I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets," Stewart said.