CGC Stock Boosted By Martha Stewart CBD Collaboration

CGC Stock

CGC stock is up slightly today after celebrity chef Martha Stewart said her CBD collaboration should go to market by the middle of 2020.

Welcome Reprieve for CGC Stock

The news is a welcome reprieve for Canopy Growth (TSX:WEED) (NYSE:CGC) and its investors following a dismal summer, which saw CGC stock drop over 50%. The collaboration was announced back in February when Stewart said she was taking an advisory role in the company to develop a line of CBD-based products. The American businesswoman and TV personality is one of the most prominent proponents of cannabis in the celebrity world, after being introduced to it by rapper Snoop Dogg.

Stewart and Canopy Growth are currently working on some "really good projects right now" that should be ready to market by mid-2020 pending regulatory approval. "We're developing different things for the home, for food, and for pets at present. I'm also interested in skincare and other things like that," she said during an on-stage interview at the Elevate Conference in Toronto. CGC stock is currently trading up at $32.11 following Stewart's appearance at the conference.

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CGC Stock Turning a Corner?

Canopy Growth spent the summer in turmoil after its major backer, Constellation Brands (NYSE:STZ), orchestrated a boardroom coup against the company's founder and CEO Bruce Linton, who brought Stewart on board back in February. However, the company's new management has been on the media trail in recent weeks in an attempt to curb the fortunes of CGC stock. New Chief Financial Officer Mike Lee cited legalization 2.0 as a major turning point for the company.

Specifically, CGC stock is hoping to benefit from the expected increased demand for cannabis vapes and related products that should be initiated by the second wave of cannabis legalization. While Canopy Growth’s competitors have been marketing vapes manufactured by third parties, it has invested significantly into in-house developments. “I can’t steal the thunder from announcements coming later this year, but we think that it’s going to be a very competitive portfolio of products that, yes, we think will grow the category,” said Lee at a conference earlier this month.

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