Newly created role will leverage Martha's expertise across the Company's portfolio of brands
SMITHS FALLS, ON and NEW YORK, May 20, 2021 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth") (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, CBD and vaporization device company announced the appointment of Martha Stewart as the company's official strategic advisor. In this new role, Martha will 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.
Martha's appointment comes on the heels of the successful launch of Martha Stewart CBD in partnership with Marquee Brands and Canopy Growth. Launched in Fall 2020, the product line offers high-quality, CBD wellness supplements including gummies, softgels, and oil drops with flavor profiles inspired by some of Martha's most popular recipes. Martha Stewart CBD for Pet also launched earlier this year and includes oil drops and soft-baked chews in three gourmet flavor combinations and formulas designed to support pet mental and physical well-being.
Since launch, the product line-up has extended into top-selling gift boxes for occasions including Mother's Day and Valentine's Day, which sold out prior to the holiday due to high consumer demand. As mainstream awareness for CBD continues to increase, coupled with Martha's legacy as a trusted source for living well, the product line will continue to serve as a key area of growth for the business.
"Canopy Growth is committed to providing consumers with trusted CBD products with quality ingredients, and Martha Stewart has been a champion of our commitment since the inception of our partnership," said David Klein, Chief Executive Officer of Canopy Growth. "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."
Martha will play a pivotal role in shaping Canopy's product innovation pipeline through her counsel in the development of novel concepts, formats, flavors and strategic alliances. From the curation of new Martha Stewart branded products to curating products for Canopy's wider portfolio of brands, Martha's advisory role will help shape the future of the company's product development trajectory.
"Over the past year, demand and awareness for CBD products has skyrocketed. Working with the top researchers and scientists at Canopy Growth, I saw first-hand how dedicated the company is in producing high quality, safe and consistent products," said Martha Stewart. "Deepening my relationship with the business is a natural fit given our aligned dedication and passion for bringing consumers innovative and quality CBD products and I'm thrilled to share the benefits of CBD with consumers all over the country."
As momentum for the brand continues and demand for the Martha Stewart CBD product portfolio grows, Canopy Growth has also signed a distribution deal with Southern Glazer's Wine and Spirits, the world's pre-eminent distributor of beverage alcohol, as the select distributor for Martha Stewart CBD across the U.S. market. The distribution deal follows the recent announcement with Southern Glazer's and Canopy Growth to distribute Quatreau, Canopy's first line of CBD-infused beverages sold in the U.S. market. Southern Glazer's will initially distribute Martha Stewart CBD across seven states, with additional states in the months to come.
About Canopy Growth Corporation
Canopy Growth (TSX: WEED) (NASDAQ: CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high quality dried flower, oil, soft gel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its color-coded classification system and is a market leader in both Canada and Germany. Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada, the United States, and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional federally-permissible CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com.
About Marquee Brands:
Marquee Brands is a leading global brand owner and marketer. Owned by investor funds managed by Neuberger Berman, one of the world's leading employee-owned investment managers, Marquee Brands targets high quality brands with strong consumer awareness and long-term growth potential. Marquee Brands seeks to identify brands in various consumer product segments with the goal of expanding their reach across retail channel, geography and product category while preserving the brand heritage and enhancing the ultimate consumer experience. Through its global team of professionals and partners, Marquee Brands monitors trends and markets in order to grow and manage brands in partnership with retailers, licensees and manufacturers through engaging, impactful strategic planning, marketing, and e-commerce. www.marqueebrands.com. In 2019, Marquee Brands acquired the Martha Stewart brand, which reaches approximately 100 million consumers across all media and merchandising platforms each month. Martha Stewart is the Founder of Martha Stewart Living Omnimedia and America's most trusted lifestyle expert and teacher. Her branded products can be found in over 70 million households and have a growing retail presence in thousands of locations.
SOURCE Canopy Growth Corporation