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Martha Stewart may be the “Queen of Living Well.”
With a major announcement, she’s expanding her empire beyond home décor and cooking.
That’s because she’s launching new line of CBD products.
Cannabis is a huge growth sector – with sales expected to top $100 BILLION within a decade.
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Martha Stewart is another mainstream celebrity jumping into cannabis.
Canopy Growth (NYSE: CGC) announced that Martha Stewart is on the company’s advisory board.
Plus, Canopy will partner with Martha Stewart’s company, Sequential Brands Group (NASDAQ: SQBG).
The companies will work together to launch CBD products for pets. And these products could be available at Walmart, Macy’s and QVC.
Until December, this would have been illegal.
Stewart previously spent five months in a federal correctional facility on insider trading charges. As a result, she’s extra sensitive to the legal issues related to cannabis.
However, the 2018 U.S. Farm Bill fully legalized hemp in the United States.
That move encouraged Canopy Growth to invest $100 million to $150 million in a hemp processing facility in New York state.
And it opens the door for the development of new products made from hemp . . . including CBD.
Canopy Growth shares rose 3.6% on the news.
Meanwhile, shares of Sequential Brands surged 40% on the news!
Sequential is a tiny company with a $100 million market value and annual sales around $173 million.
This high-profile cannabis partnership with Canopy is bringing lots of attention to the stock.
When a company announces plans to enter the cannabis sector – the stock price often rises.
This move for Sequential Brands is huge.
In the short term, any sales from CBD products will have a minimal impact on Sequential Brands’ financial performance.
However, this is big news for Canopy Growth. And it shows that the company is able and willing to secure celebrities to develop new products.
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