Famed lifestyle guru Martha Stewart is getting more deeply involved with Canopy Growth (NASDAQ:CGC). The Canadian marijuana company announced that it has appointed her as its “official strategic advisor.”
In this capacity Stewart will, in Canopy Growth’s words, “expand upon her existing relationship with the company, leveraging her vast knowledge of product development and branding expertise, to provide the company with dedicated counsel ranging from product innovation to format development and strategic partnerships.”
The company divulged neither the terms nor the salary details of this arrangement.
The move comes after Stewart and Canopy Growth teamed up last year to roll out Martha Stewart CBD, a line of cannabidiol (CBD)-based edible products. CBD is an ingredient found in cannabis that is purported to have medicinal properties; in contrast to the psychoactive Tetrahydrocannabinol (THC), CBD does not get a user high.
Building on the Stewart partnership, Canopy Growth launched the self-explanatory Martha Stewart CBD for Pets line in January.
Of her new role, the company quoted its CEO, David Klein, as saying that “We are thrilled to deepen our relationship with Martha through this new advisory role.”
“With her expansive business acumen and years of experience with the Canopy team, together we’ll unleash the power of CBD to improve lives and create an unparalleled portfolio of brands,” he added.
What he didn’t say is that the power of her celebrity should continue reaping some free ancillary PR for the company. Stewart always seems to be in the headlines somewhere, all the better to make Canopy Growth a familiar name, particularly for American consumers.
Canopy Growth investors like Stewart. The company’s shares ticked up by 0.2% Friday, in contrast to the slight (0.1%) dip of the S&P 500 index.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
Need Your Help Today. Your $1 can change life.