Canopy Growth hires Martha Stewart as strategic advisor
FMartha Stewart, amed lifestyle guru, gets more involved Canopy growth (NASDAQ: CGC). The Canadian marijuana company has announced that it has named her “official strategic advisor.”
In this capacity, Stewart will, in the words of Canopy Growth, “develop his existing relationship with the company, leveraging his extensive product development knowledge and branding expertise, to provide the company dedicated advice ranging from product innovation to format development and strategic partnerships. “
The company did not disclose the terms or salary details of this arrangement.
Image source: Getty Images.
The move comes after Stewart and Canopy Growth teamed up last year to roll out Martha Stewart CBD, a range of edible products based on cannabidiol (CBD). CBD is an ingredient found in cannabis that is believed to have medicinal properties; unlike psychoactive tetrahydrocannabinol (THC), CBD does not get a user high.
Building on the Stewart partnership, Canopy Growth launched the explicit Martha Stewart CBD for Pets range in January.
Regarding her new role, the company quoted its CEO, David Klein, who said, “We are delighted to deepen our relationship with Martha through this new advisory role.”
“With his business acumen and years of experience on the Canopy team, together we will unleash the power of CBD to improve lives and create an unmatched portfolio of brands,” he added.
What he didn’t say is that the power of his celebrity should continue to reap free ancillary PR for the company. Stewart always seems to be in the headlines somewhere, all the better for making Canopy Growth a household name, especially to American consumers.
Canopy Growth investors like Stewart. The company’s shares rose 0.2% on Friday, in contrast to the slight drop (0.1%) in the S&P 500 index.
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