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- Martha Stewart is joining Canopy Growth — the world’s largest legal marijuana producer — as an advisor.
- Stewart will collaborate with Canopy on CBD offerings, starting with a line of "sensible products for people’s beloved pets."
- By 2025, legal cannabis is estimated to be a $166 billion business, impacting categories from beverage to beauty and personal care.
Martha Stewart is jumping on the legal marijuana bandwagon.
On Thursday, Canopy Growth — the world’s largest legal marijuana producer — announced Martha Stewart had joined the company as an advisor.
Stewart will help develop and position a new line of products, exploring CBD and other cannabinoids’ uses for both humans and animals. In a press release, Stewart said that her first collaboration with Canopy will be "sensible products for people’s beloved pets."
"As soon as you hear the name Martha, you know exactly who we’re talking about," Canopy Growth Chairman and co-CEO, Bruce Linton, said in a statement. "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."
The partnership with Stewart is part of Canopy’s plan to develop a line of hemp-derived CBD products. The company plans to invest between $100 and $150 million in a hemp industrial park in New York state.
Stewart’s status as a domestic icon reveals the massive mainstream potential of legalized marijuana, especially in the form of non-psychoactive CBD. By 2025, Euromonitor estimates that the legal cannabis market will be a $166 billion business, impacting categories from beverages to beauty and personal care.
"By 2030, the cannabis market will be transformed by outcome-based brands made by household brand names," according to a recent Euromonitor report. "The growth of thc-infused products will become more routine in consumers daily lives, adding a new dimension of social lubrication beyond medical applications."
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Source: Business Insider – ktaylor@businessinsider.com (Kate Taylor)