Martha Stewart talks CBD: ‘We’re upscaling the CBD market’
- MKM Partners gave Canopy Growth Corp a ‘buy’ rating earlier this week.
- Martha Stewart says cannabis industry will grow exponentially in coming years.
- Canopy shares are currently down more than 2% on the intraday chart.
MKM Partners gave Canopy Growth Corp (TSE: WEED) a ‘buy’ rating this week as Martha Stewart gummies continued to rapidly recruit new customers. The world’s largest pot producer expanded on its existing relationship with Stewart and brought her on board as a strategic adviser on 20th May.
Martha Stewart discusses CBD industry on CNBC’s “Squawk Box”
Stewart sat with CNBC on Thursday to discuss CBD products and her views about the industry at large. On “Squawk Box”, she said:
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“My banker takes three gummies a day, and she feels better. She says these help her calm down.”
Stewart particularly talked about the look and taste of the gummies that she said contribute significantly to adding new customers and keeping the existing ones satisfied. A broad range of fifteen amazing flavours covers tastes that you only find in the finest restaurants. So, in a way, she added, we are essentially “upscaling the CBD market”.
The founder of Martha Stewart Living Omnimedia reiterated Canopy Growth’s commitment to making CBD products taste better.
“We have lots of ideas for creating candies, confections, drinks, special drinks that you drink every single day, with an infusion of very good CBD included in those drinks,” she said.
Cannabis market is expected to be valued at $10 billion by 2023
Cannabis sales are on the rise. The marketplace is anticipated to be worth roughly $10 billion (£7.04 billion) by 2023. According to Stewart, as more states continue to legalise cannabis, the growth in the upcoming years will likely be exponential.
Commenting on the regulatory side of the cannabis industry, Stewart said on CNBC’s “Squawk Box”:
“Canopy does a lot of research. It’s not like they’re just putting this stuff out there. They have a very good scientific team of doctors and researchers that are developing products that are buyable and useful. As the medical world becomes more educated, I think we’ll see a lot more acceptance for CBD.”
An overview of Canopy Growth’s stock in 2021
Canopy Growth opened at C$30.46 per share in the stock market on Thursday and is currently exchanging hands at C$29.80 per share. This compares to its year-to-date high of $66.21 per share in early February. The Canadian company had started the year 2021 at a per-share price of a much lower C$33.41.
In February, Canopy Growth said it generated better-than-expected revenue in its fiscal third quarter. At the time of writing, the Smiths Falls-headquartered firm has a market cap of C$11.23 billion.