Martha Stewart partners with pot company to develop CBD products

By Business LeadersFOXBusiness

Martha Stewart partners with Canopy Growth to develop CBD products

FBN's Ashley Webster on Martha Stewart's new partnership with Canopy Growth to develop a line of CBD products.

Snoop Dogg's influence on business magnate Martha Stewart keeps "growing."

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The TV personality announced on Thursday that she has partnered with marijuana grower Canopy Growth to develop a new line of CBD-based products for both animals and humans.

Stewart is expected to play an advisory role in the development of the new products along with Sequential Brands Group, a consumer brands company that works with the homemaker. Shares in Sequential surged on the news.

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"I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living," Stewart said in a statement. "I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."

Canopy added that it already has several clincial trial underway for these products and it plans to lean on Stewart's "vast knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids" as they relate to animal and human care.

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Canopy Growth chairman and co-CEO Bruce Linton said the move was a no-brainer as Stewart's brand is "one of a kind" and he is both thrilled and excited to work alongside the icon to sharpen his companies' product offerings.

However, Stewart isn't the company's first celebrity partnership. Her co-host rapper Snoop Dogg of "Martha & Snoop's Potluck Dinner Party," teamed up with company's subsidiary Tweed in 2016.

Ontario-based Canopy is currently the world's largest pot producer with plans to invest between $100 and $150 million in a hemp industrial park in New York State.

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Demand for marijuana and CBD products have rapidly grown in Canada following its decision to legalize recreational use in October. While the Food and Drug Administration in the U.S. has prohibited adding CBD to food and beverages in the U.S., many companies are still moving towards that direction.

In August, Canopy announced it has also struck a deal with Corona beer maker Constellation Brands to develop CBD-infused beverages.