Following years of success in merchandising, Martha Stewart is tapping into a new industry: hemp-derived products.
The businesswoman and television personality will be partnering with Canopy Growth, a major marijuana and hemp producer, to develop a line of CBD products.
The company is focusing on improving the lives of both humans and animals, it said Thursday. Currently, several clinical trials are underway. Stewart will be advising the company as it develops this new line, first starting with animal health products.
“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 Growth has seen steady improvement throughout 2019 in its stock performance. Starting the year trading at $28.92 per share, the company's stock opened at $47.02 per share Thursday morning.
The company hopes to leverage Stewart's name and expertise, Bruce Linton, Canopy Growth Chairman and co-CEO, said in statement.
“As soon as you hear the name Martha , you know exactly who we’re talking about,” Linton said. “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.”
Stewart isn't the first celebrity partner the company has tapped into. Tweed, a Canopy Growth subsidiary, partnered with Snoop Dogg in 2016. Currently, the acclaimed artist and Stewart star in a show together entitled "Martha & Snoop’s Potluck Dinner Party."
Follow USA TODAY intern Ben Tobin on Twitter: @TobinBen
This article originally appeared on USA TODAY: Martha Stewart partners with marijuana producer Canopy Growth to create hemp-derived goods