Source: Martha Stewart CBD
Canopy Growth Corp. and Martha Stewart are starting their joint bid to break into the CBD market, betting that curated flavors and her celebrity name will bring the ingredient to a new demographic.
Use of CBD, which companies promote as a natural way to mitigate anxiety or manage pain without the high produced by cannabis, has exploded in recent years as attitudes shifted on marijuana and associated products. There are currently around 3,000 brands in a market that Canopy Chief Executive Officer David Klein predicts will reach $10 billion in annual sales in the U.S. by 2023.
Starting Sept. 10, Canopy will offer Martha Stewart-branded gummies in flavors ranging from kumquat to huckleberry, along with soft gels and oil drops, on its website. Later this year, Canopy will add a Stewart-branded line of CBD products for pets, a segment Klein sees reaching as much as $600 million in additional annual sales.
The products were developed with Stewart’s input on marketing and taste — she sees the products as comparable to French confections “rather than the sticky, overly sweet versions you might find elsewhere.” The launch comes as her brand is being revived by consumers looking to improve their quality of life in quarantine.
“I’ve found that CBD supplements are a simple way to enhance my own health and wellness, especially when it comes to managing the stresses of daily life,” Stewart said in a statement.
Published: September 10, 2020
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