Shares of Canopy Growth (CGC) - Get Canopy Growth Corporation Report were up more than 3.8% in trading Thursday after announcing that Martha Stewart would be joining the cannabis company in an advisory role to help drive interest in hemp-derived CBD products.
Canopy Growth said it hopes to tap into Stewart's "deep understanding of what consumers in the United States and around the world want," as the Canadian weed company pushes itself into the mainstream.
"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," said Stewart. "I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."
Canopy has said that it plans to invest between $100 million and $150 million on a hemp industrial park in New York state, its first hemp facility in the U.S. The CBD market is expected to triple in value to $1.3 billion by 2022.
"As soon as you hear the name Martha, you know exactly who we're talking about," said Canopy Growth Chairman and co-CEO Bruce Linton. "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."