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Martha Stewart teams up with a leading cannabis company to develop cannabidiol or CBD products for consumers. Canopy Growth, a Canadian publicly traded supplier of marijuana, oils and other medical and recreational products, said on Thursday that the lifestyle guru would advise the company on the development and commercialization of a broad range of products. of hemp products derived from CBD.
CBD is a chemical that comes from cannabis plants, but it is not very detrimental to users, advocates by promoting a treatment ranging from chronic pain to better sleep. Canopy's partnership with Stewart, which has created a brand of trust in a range of consumer goods, could help further integrate CBD into mainstream media.
"As the market begins to grow in the domestic market, health and wellness will become a dominant category, and I think Martha Stewart is the incarnation of it," said Michael Hickey, Research Analyst at Benchmark Company.
The shares of Sequential Brands Group, which manages Martha Stewart Living, jumped 20% in afternoon trading. The share price of Canopy has increased by almost 5%.
Canadian pottery companies have recently expanded south of the border, encouraged by the congressional decision to legalize hemp production in the United States in December. Canopy announced last month the construction of its first hemp facility in the United States, investing up to $ 150 million in a New York park. The location of the site will be announced in the coming months.
Meanwhile, Tilray of Canada works with Authentic Brands Group on a range of consumer products. Authentic Brands manages a portfolio of 50 brands, including Michael Jackson, Shaquille O. Neal, Marilyn Monroe and Elvis Presley.
Although Stewart may seem like an unlikely face for the brand, it's not the first celebrity association for Canopy. The cannabis-producing company partnered with rapper Snoop Dogg in 2016. Tweed, a subsidiary of Canopy Growth, launched its cannabis-based product "Leafs by Snoop" the following year.
The musician and Stewart themselves hit an unlikely television alliance. The two men launched "Martha & Snoop's Potluck Dinner Party" on VH1 in 2016, which finished its second season in September. While Stewart had revealed to The Hollywood Reporter last year that she was not smoking marijuana herself, she explained that the smoke was thick around the shoot.
She also stated that she did not judge her client for smoking in the surrounding area.
"So, someone smokes marijuana? A big deal! People are smoking cigarettes and dying of cancer .I have heard of anyone who would die of cannabis .I am fairly egalitarian and liberal for that sort of thing, "Stewart told the Hollywood Reporter.
Despite the growing popularity of the CBD, some US cities and states are taking steps to apply more strictly regulate the products that contain the compound. New York City recently banned edible products containing CBD because they were not approved as food additives. In Ohio, regulators removed food products containing CBD earlier this year, while North Carolina and Maine also cracked down on foods containing cannabidiol.
– Associated Press contributed to this report
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