Martha Stewart and Canopy Growth team up
In February, Canopy Growth teamed up with lifestyle guru Martha Stewart to produce hemp-based CBD products. I believe the company intends to drive consumer interest in CBD products. Although they are legal on a state-by-state basis, CBD products still face scrutiny from the FDA.
Jim Cramer, the host of CNBC’s Mad Money, also favors the idea of the partnership. He said, “When you have a Martha Stewart get behind [CBD], that matters. In the same way that it matters that Rob Sands and Bill Newlands, who was a great teacher we had, backed Canopy. This is very important.”
Stewart told CNBC, “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.” It looks like Canopy Growth wants to benefit from her expansive knowledge of consumer products.
Cannabis players’ expansion into edibles business
Canopy Growth (CGC) (WEED) suffered in its first quarter of fiscal 2020, as it reported huge losses. Its revenues also missed analysts’ estimates. We expect the company to benefit from the CBD business. A February 28 CNBC report noted that Canopy Growth is already conducting several clinical trials to study the effects of CBD on human and animal health.