Martha Stewart, the popular TV personality and retail executive, just announced that she’s partnering with Canopy Growth to release her first line of CBD products.
“I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of ‘doing it all,’” Stewart said in a statement.
The Canada-based Canopy Growth Corporation said that it wants to tap into Stewart’s retail experience as the company develops Cannabidiol products for both human and animal consumption. Unlike THC, Cannabidiol has no psychoactive effects.
“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,” said Bruce Linton, chairman and chief executive officer of Canopy, in a statement.
The company didn’t release any details about the terms of the deal or which specific products would be released. It’s reasonable to assume that we’ll see tinctures, vape oils, pet treats, edibles, and/or lotion.
According to a report released by Cown & Co., approximately 7% of Americans already use CBD products in some form. Cowen predicts that the CBD market will grow to 25 million customers by 2025, giving the industry an eye-popping $16 billion potential market cap.
Canopy was recently awarded a license to produce industrial hemp in the state of New York. Industrial hemp is the material that most US-based CBD companies use to extract Cannabidiol. The company is planning to invest $150 million USD to build a hemp industrial park in New York.
This isn’t Martha Stewart’s first dalliance with cannabis. Stewart filmed two sessions of her cooking show with Snoop Dogg, and even made a batch of pot-infused brownies in one episode.
