Canopy Growth Corporation (“Canopy Growth”) (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, CBD and vaporization device company announced the appointment of Martha Stewart as the company’s official strategic advisor. In this new role, Martha will expand upon her existing relationship with the company, leveraging her vast knowledge of product development and branding expertise, to provide the company with dedicated counsel ranging from product innovation to format development and strategic partnerships.
Martha’s appointment comes on the heels of the successful launch of Martha Stewart CBD in partnership with Marquee Brands and Canopy Growth. Launched in Fall 2020, the product line offers high-quality, CBD wellness supplements including gummies, softgels, and oil drops with flavor profiles inspired by some of Martha’s most popular recipes. Martha Stewart CBD for Pet also launched earlier this year and includes oil drops and soft-baked chews in three gourmet flavor combinations and formulas designed to support pet mental and physical well-being.
Since launch, the product line-up has extended into top-selling gift boxes for occasions including Mother’s Day and Valentine’s Day, which sold out prior to the holiday due to high consumer demand. As mainstream awareness for CBD continues to increase, coupled with Martha’s legacy as a trusted source for living well, the product line will continue to serve as a key area of growth for the business.
“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. “We are thrilled to deepen our relationship with Martha through this new advisory role. With her expansive business acumen and years of experience with the Canopy team, together we’ll unleash the power of CBD to improve lives and create an unparalleled portfolio of brands.”
Martha will play a pivotal role in shaping Canopy’s product innovation pipeline through her counsel in the development of novel concepts, formats, flavors and strategic alliances. From the curation of new Martha Stewart branded products to curating products for Canopy’s wider portfolio of brands, Martha’s advisory role will help shape the future of the company’s product development trajectory.
“Over the past year, demand and awareness for CBD products has skyrocketed. Working with the top researchers and scientists at Canopy Growth, I saw first-hand how dedicated the company is in producing high quality, safe and consistent products,” 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 and I’m thrilled to share the benefits of CBD with consumers all over the country.”
As momentum for the brand continues and demand for the Martha Stewart CBD product portfolio grows, Canopy Growth has also signed a distribution deal with Southern Glazer’s Wine and Spirits, the world’s pre-eminent distributor of beverage alcohol, as the select distributor for Martha Stewart CBD across the U.S. market. The distribution deal follows the recent announcement with Southern Glazer’s and Canopy Growth to distribute Quatreau, Canopy’s first line of CBD-infused beverages sold in the U.S. market. Southern Glazer’s will initially distribute Martha Stewart CBD across seven states, with additional states in the months to come.
