Who is Stewart Partnering with?
On Thursday, Feb. 28, 77-year-old lifestyle maven Martha Stewart announced she would partner with the Canopy Growth Corporation (CGC). As a result, the company’s stock jumped 3%. Who is Canopy Growth and what prompted Stewart to make this move? The company is one of the largest and most well-established grow operations in Canada, and they’re about to infiltrate the CBD market in a big way.
Canopy growth cultivates, processes, and sells medical cannabis in Canada. Their products include dried flower, oils, concentrates, and hemp, among others. The company was known as Tweed Marijuana, Inc. until 2015 when it changed its name to its current moniker.
Located in Smith Falls, Ontario, Canopy Growth has a number of subsidiaries including Spectrum Cannabis, DNA Genetics, Black Label, CraftGrow, Foria, Bedrocan Canada, and Leafs by Snoop–headed by Stewart’s VH1 co-host. The company also offers an online platform called Tweed Main Street, which allows patients to register and purchase products from various producers in Canada.
What Role Will Stewart Have?
Playing an advisory role, Stewart will add a level of panache and sophistication, which will help Canopy Growth in its mission to rebrand cannabis and hemp. Her focus will be cannabidiol (CBD). This non-intoxicating cannabinoid is thought to have a number of health properties, including reducing inflammation, pain, and anxiety. Earlier that same week, Cowen Inc.–a Wall St. investment bank and financial services corporation, predicted that the CBD market, currently worth $1 billion, would grow to $16 billion by 2025.
Stewart’s role is to help focus the company’s CBD offerings, rebrand cannabis-based products, and overall elevate the plant’s image. Rather than being something merely for hippie holdovers, crunchy granola types, and alternative medicine users, Stewart is thought to help CBD and other cannabinoid-based products go mainstream.
Canopy CEO Bruce Linton said in a press release, “Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal.” Destigmatization will likely not only grow their consumer base but the company’s access to capital as well.
Canopy Growth is Expanding
One area, in particular, Stewart will focus on is a line of CBD products for pets. Cat and dog CBD supplements have seen significant growth in recent years. They’re thought to help ease pain, inflammation, and anxiety. Anecdotal evidence suggests such supplements are helpful. But more scientific research must be done to corroborate these findings.
This isn’t the only boost Canopy Growth has received lately. They’ve recently accepted a multi-billion dollar investment from Constellation Brands, the company that owns beer maker Corona. It’s thought the two companies will cooperate in bringing forth a line of CBD-infused drinks.
The passage of the latest Farm Bill, which legalized hemp production across the US, has also allowed for the burgeoning CBD market to take hold. Canopy Growth also recently announced it was spending $100-150 million on setting up an enormous hemp operation in upstate New York. Senator Chuck Schumer (D-NY) said the move would create hundreds of jobs.
With Martha Stewart on board, it’s likely that CBD will go mainstream soon. A lot of processors will need to enter the market in order to keep up with the growing demand. That means more botanical refinement equipment will be required. Those processors are likely to turn to Ai Vacuum, the industry leader in post-processing equipment, to suit those needs. What kind of equipment are they likely to pick up?
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Want to know more about Martha Stewart’s partnership with Canopy Growth? Click here: