Pharm at the table? Martha Stewart becomes a cannabis consultant


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/ Source: Reuters

By Reuters

Canopy Growth, a marijuana grower, has commissioned lifestyle guru Martha Stewart to advise on helping to develop and launch a range of pan-based products for humans and animals, said Thursday. the group.

Stewart, a 90s icon who became famous in his cooking and lifestyle shows, co-hosted a show with rapper Snoop Dogg, who had made headlines last year for smoking marijuana in front of the house. White House.

The agreement between Canopy and Sequential Brands Group, owner of the Martha Stewart brand, will seek to harness Stewart's knowledge of consumer products when launching products based on CBD, the non-psychoactive chemical contained in marijuana.

Canopy currently has a licensing agreement with Snoop Dogg to sell medical marijuana "Leafs by Snoop" and seeks to develop CBD-based products to treat anxiety in animals.

Sequential shares jumped 51% to $ 1.81 early in the session.

"I'm particularly looking forward to our first collaboration, which will offer smart products to beloved pets," said Stewart.

The US Food and Drug Administration has banned companies from adding CBD to foods, but many beverage companies have announced plans to use them.

Beer maker Corona Constellation Brands has signed an agreement with Canopy to manufacture various pot-based beverages.

In Canada, cannabis companies pay money to beat the competition and develop new products, especially after the country has approved recreational marijuana use.

Canopy also announced plans to invest between $ 100 million and $ 150 million in a hemp-based industrial park in the state of New York.

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