Canadian cannabis producer Canopy Growth Corp. announced Thursday that it is deepening its business ties with consumer-packaged goods maven and CBD brand leader Martha Stewart as the company’s official strategic adviser.
Martha Stewart 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 Growth Corp.
The appointment comes following 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 including Valentine’s Day and Mother’s Day.
“Canopy Growth is committed to providing consumers with trusted CBD products with quality ingredients, and Martha Stewart has been a champion of our commitment since the inception of our partnership,” said David Klein, Chief Executive Officer of Canopy Growth, praising Stewart’s “expansive business acumen.”
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,” said Martha Stewart.
“Deepening my relationship with the business is a natural fit given our aligned dedication and passion for bringing consumers innovative and quality CBD products.”
Canopy Growth has signed a distribution deal with Southern Glazer’s Wine and Spirits, an Ohio-based beverage alcohol distributor for the Martha Stewart CBD product line, which will initially distribute the products across seven states, with additional states to come.
Southern Glazer’s also distributes Quatreau, Canopy’s first line of CBD-infused beverages, in the U.S. market.
Canopy Growth Corp. trades on the Toronto Stock Exchange as WEED and on the Nasdaq as CGC.
