Martha Stewart Is Becoming A Major Brand Ambassador For Canopy Growth Corp.

Canopy Growth Corporation (WEED.TO) (CGC) is one of the only cannabis companies that is well-known for form strategic agreements with celebrities and star athletes. From Snoop Dogg to Patrick Mahomes (through BioSteel), the global cannabis company has a roster of strategic partners and we are favorable on this aspect of the story. 

Early last week, Canopy Growth appointed Martha Stewart as the company’s official strategic advisor. In this role, she will expand upon her existing relationship with the company by leveraging her vast knowledge of product development and branding expertise to provide the company with important guidance on initiatives that range from product innovation to format development.

Martha’s appointment comes on the heels of the successful launch of Martha Stewart’s portfolio of cannabidiol (CBD) products. The launch was conducted in partnership with Marquee Brands and Canopy Growth and offers premium CBD wellness supplements with flavor profiles that have been inspired by some of Martha’s most popular recipes. 

Earlier this year, Martha Stewart launched a brand of CBD products that are meant for pets. This is a vertical that we are favorable on and expect to see strong consumer demand for the product line. The launch of the product comes after a large increase in the number of people who own a pet. One of the positive externalities that was associated with the COVID pandemic was the increase in the number of animals that were being adopted. We expect this trend to serve as a tailwind for the CBD pet brand and will monitor how it supports the growth of the business. 

Since the launch of the product line-up, the company has been selling gift boxes that include the products for occasions like Mother’s Day and Valentine’s Day. We find this trend to be significant and expect it to continue as mainstream awareness for CBD continues to increase. We believe the combination of better awareness with Martha’s reputation as a trusted source for living well should support the growth of the business and will monitor how this trend continues. 

Going forward, Martha will play a pivotal role in shaping Canopy Growth’s product innovation pipeline through the development of novel concepts, formats, flavors and strategic alliances. From the curation of new Martha Stewart branded products to curating products for the company’s wider portfolio of brands, her advisory role will help shape the future of its product development trajectory. 

An attractive aspect of the Canopy Growth story is related to the distribution agreement that it recently formed with Southern Glazer’s Wine and Spirits as the select distributor for Martha Stewart CBD across the U.S. market. Southern Glazer’s is a leading global distributor of alcohol and we are favorable on the amount of awareness it can generate for Canopy Growth. 

The distribution agreement with Southern Glazer’s comes after the companies entered into an arrangement to distribute Quatreau, Canopy Growth’s first line of CBD-infused beverages to be sold in the US. Initially, Southern Glazer’s will distribute Martha Stewart CBD products across seven states and more states are expected to come on-line in the near future. 

We believe Canopy Growth’s relationship with Martha Stewart is an attractive aspect of the story and will monitor how it continues to advance. If you are interested in learning more about this aspect of Canopy Growth please send an email to support@technical420.com with the subject “Canopy Growth and Martha Stewart” to learn more. 

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Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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