It was announced that the lifestyle expert Martha Stewart would be partnering with the Canadian cannabis company, Canopy Growth Corp to develop and sell new CBD products. CBD is derived from both hemp as well as marijuana and has wellness properties. She said that they were planning to develop a new product for pets initially. However, more details of the product were not available. The release of the CBD product is likely to be delayed due to regulatory hurdles. Though Canada has regularized the use of marijuana in 2018, the rules for infusing CBD in food are still being finalized.
Companies dealing with CBD claim that it offers a wide range of benefits ranging from pain alleviation to anxiety reduction. Others claim that these benefits are not proven and more research should be done. In the U.S. hemp cultivation has been legalized and 35 states in the country allow the use of medical marijuana. The global market for illegal and legal cannabis is valued at approximately $150 billion at present according to Euromonitor. Experts believe that cannabis will be used extensively in the health care, pet care, food and beverages and beauty products sector.
Constellation Brands which owns Corona Beer has already invested $4 billion in Canopy Growth and is developing a range of CBD infused beverages. Though FDA has warned cannabis companies that it is illegal to sell products which use CBD and THC, there are a number of companies which offer pet and other products, Dixie brands which are based in Denver said that it would start selling cat chews in April which contain CBD derived from hemp. The business has already been selling dog chews since 2016. Marijuana promoter Snoop Dogg has appeared with Martha Stewart on her own talk show and also on other talk shows. The tie-up with Snoop Dogg made Stewart look more youthful and relaxed.
The founder of Canopy Growth, Bruce Linton said that the company had been producing the Leafs by Snoop line for Snoop Dog for the last few years. This line includes chocolate bars and gummies. Snoop Dog also introduced Martha Stewart to Canopy Growth and she visited the company headquarters. Stewart asked many queries and Linton claimed that Stewart was impressed by the scientific approach of the company. A tie-up with Stewart will improve the credibility of Canopy Growth. After the announcement, the share prices of Sequential Brands, which licenses Stewart’s products, increased by 40%. since there is a lot of demand for cannabis products.