NEWS BRIEF

Martha Stewart joins marijuana firm Canopy Growth as strategic adviser

(A version of this story first appeared at Hemp Industry Daily.)

Canadian marijuana producer Canopy Growth Corp. said Thursday that it is appointing Martha Stewart as strategic adviser, a move designed to deepen the Ontario-based company’s business ties with the consumer packaged goods authority and CBD brand leader.

She is the founder of Martha Stewart Living Omnimedia, and her branded products can be found in more than 70 million U.S. households.

In her advisory role, Stewart will leverage her business knowledge and expertise to counsel the company on topics from product innovation to format development and strategic partnerships, according to a statement from Canopy.

The appointment comes on the heels of Canopy’s launch of Martha Stewart CBD in partnership with Marquee Brands last fall and Martha Stewart CBD for Pets earlier this year.

According to Canopy, Stewart’s product lines have been top sellers, especially during holidays such as Valentine’s Day and Mother’s Day.

Stewart will help shape Canopy’s product innovation pipeline and the development of novel concepts, formats, flavors and strategic alliances, including curating Martha Stewart-branded products and Canopy’s portfolio of brands.

“Over the past year, demand and awareness for CBD products has skyrocketed,” Stewart said in a statement.

“Deepening my relationship with the business is a natural fit given our aligned dedication and passion for bringing consumers innovative and quality CBD products.”

Meanwhile, Canopy Growth has signed a distribution deal with Southern Glazer’s Wine & Spirits, a Miami-based beverage alcohol distributor for the Martha Stewart CBD product line.

Southern Glazer will initially distribute the products across seven U.S. states. The company also distributes Quatreau, Canopy’s first line of CBD-infused beverages, in the United States.

Canopy Growth trades on the Toronto Stock Exchange as WEED and on the Nasdaq as CGC.

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