Martha Stewart will help develop a “broad new line” of products for both humans and animals.
Canopy, based in Smiths Falls, Canada, is conducting several clinical trials exploring how cannabis compounds can improve human and animal health, including research into the effectiveness of CBD, a non-intoxicating compound, to treat anxiety in animals. Cannabidiol, its formal name, has soared in popularity and is thought by its proponents to help with everything from stress to inflammation and insomnia.
“It’s really about duration and quality of life for animals that respond well to CBD,” Canopy Chief Executive Bruce Linton said in an interview, adding that hemp is an easily digestible protein that can be added to pet food. Shares of Sequential Brands Group Inc., which owns the Martha Stewart media and merchandising brands, surged Thursday, although it wasn’t clear whether the company would be involved in the partnership. The shares soared nearly 56%, their biggest one-day gain since 2012, before subsiding a bit; they were up 27.5% at $1.53 around 9:40 a.m. Pacific time. Canopy shares rose as much as 4.8% in Toronto.under certain circumstances.
Canopy announced in January that it will spend as much as $150 million to build a hemp facility in New York state, its first production plant in the United States. Linton expects the company to eventually have hemp facilities in multiple states.
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