Canopy Growth Rises on CBD Pet Product Deal With Martha Stewart

Canopy Growth and Martha Stewart have joined to market 'scientifically backed CBD wellness solutions for canines.'
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Canopy Growth  (CGC) - Get Report shares rose Tuesday after the cannabis company said it partnered with Martha Stewart to produce a line of cannabidiol products for dogs.

Canopy calls Martha Stewart CBD for Pet "a new line of scientifically backed CBD wellness solutions for canines developed by" the executive, designer and author "with her own beloved dogs in mind.” 

The stock of Canopy Growth, Smith Falls, Ontario, recently traded at $35.28, up 7.2%. The shares have soared 78% over the past three months.

The product lineup includes “oil drops and soft-baked chews in three gourmet flavor combinations and formulas – wellness, calm and mobility – designed to support pet mental and physical well-being, reduce the effects of everyday stress, and maintain joint health and mobility by harnessing the power of CBD and other ingredients,” the company said.

Product prices range from $19.99 to $39.99.

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The product packaging is inspired by Stewart's chow chows and French bulldogs.

"My dogs are not only my companions, but they are part of my family, and I prioritize their emotional and physical well-being as I do my own," Stewart said in a statement.

"Just as CBD can support human wellness, it's been shown to improve the quality of life for pets as well.”

The portfolio of wellness supplements is formulated by Stewart and scientists at Canopy Animal Health to deliver products with carefully controlled CBD content, the company said. 

The products are customized for daily use in dogs of all sizes and ages, Canopy said. All products are free of corn, soy and wheat and contain no artificial flavors, colors or preservatives.

The products are available starting Tuesday at Canopy's shopping site and several other internet locations. 

Cannabidiol is derived from the hemp plant, a relative of the marijuana plant. But by itself it does not cause the high that pot does.

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