February 28, 2019 / 2:04 PM / 4 months ago

Martha Stewart, Canadian pot business in joint effort aimed at pets

Martha Stewart attends the 2017 Glamour Women of the Year Awards at the Kings Theater in Brooklyn, New York, U.S., November 13, 2017. REUTERS/Andrew Kelly

(Reuters) - Lifestyle guru Martha Stewart is joining Canadian marijuana producer Canopy Growth as an adviser to help develop and launch a line of pot-based products for humans and animals, it said on Thursday.

The deal between Sequential Brands Group Inc, which owns the Martha Stewart brand, and Canopy will seek to leverage Stewart’s knowledge of consumer products in the launch of products based on CBD, the non-psychoactive chemical found in marijuana.

Stewart, who became a household name through her books and cooking and lifestyle television shows starting in the 1980s, co-hosts a show with rapper Snoop Dogg, who made headlines last year for smoking marijuana in front of the White House.

Sequential’s shares were up 28 percent in afternoon trading.

“I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets,” Stewart said.

The U.S. Food and Drug Administration has prohibited companies from adding CBD to food but many drinks companies have announced plans to use it.

Corona beer maker Constellation Brands has signed a deal with Canopy to make various pot-infused drinks.

Cannabis companies in Canada have been pouring cash into their businesses to both fend off competition and develop new products, especially after the country approved the use of recreational marijuana in October.

Canopy has also announced plans to invest between $100 million and $150 million in a hemp industrial park in New York state.

Reporting by Nivedita Bhattacharjee in Bengaluru; editing by Sai Sachin Ravikumar, Anil D'Silva and David Gregorio

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