Earlier this week, Martha Stewart and Canopy Growth (CGC) announced a partnership that will see the consumer goods scion come on board as an adviser with the Canadian cannabis company.
The stigma of using the product is lessened through the association with Martha Stewart, who is a mainstream figure, which can only benefit the cannabis industry, according to Cliintel Capital Management CEO Rich Bateneburg and CFO Rick Batenburg.
"The real benefit they're getting is they're de-stigmatizing the industry for us right there. That means that I've got bigger access to bigger capital markets because less people are scared. That's the biggest piece and I learned it. I think it's great. Martha Stewart is sorta a new bellwether to uh, and proof point that the stigma's coming off," Rick Batenburg told TheStreet.
Canopy Growth itself said that it hopes to tap into Stewart's "deep understanding of what consumers in the United States and around the world want."
TheStreet's Jim Cramer agrees with Batenburg and expects the partnership to be a tailwind for the company.
"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," Jim Cramer said.