Martha Stewart enters the CBD game, will advise Canopy on products

Celebrity lifestyle guru Martha Stewart has agreed to advise Canadian marijuana giant Canopy Growth on hemp-derived CBD products.

Stewart said the first collaboration will offer products for pets.

Financial terms of the business partnership were not disclosed. The companies did not say if the CBD pet products would be sold in the U.S. or in Canada.

Canopy (NYSE: CGC) executives said the collaboration makes sense.

“As soon as you hear the name Martha, you know exactly who we’re talking about,” Canopy Growth co-CEO Bruce Linton said in a news release.

The Martha Stewart CBD deal is just the latest indication that the Canadian marijuana company is flexing into the hemp market in order to tap U.S. consumers.

Last October, Canopy acquired a Colorado hemp genetics firm in a stock-and-cash deal worth up to 320 million Canadian dollars ($243 million).

And after the passage of the 2018 Farm Bill that removed hemp from the U.S. Controlled Substances act, Canopy pledged to spend more than $150 million (CA$200 million) on hemp production and manufacturing in New York state.

Canopy did not immediately respond to queries about the Martha Stewart deal from Marijuana Business Daily.

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