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Cannabis producer Canopy Growth jumps after saying it's teaming up with Martha Stewart (CGC)

Cannabis producer Canopy Growth jumps after saying it's teaming up with Martha Stewart (CGC)




Canopy Growth and Martha Stewart are joining forces to develop CBD products.




Canopy shares jumped more than 3% following the news.




Earlier this week, analysts at Cowen said they think the CBD market could explode from its current size of $1 billion to $16 billion by 2025.




Watch Canopy Growth trade live.




Canopy Growth spiked more than 3% Thursday morning after the cannabis producer announced Martha Stewart was joining the company in an advisory role, helping to develop a new line of product offerings for CBD and other cannabinoids' uses for both humans and animals.
Rivals Cronos (+2.1%) and Tilray (1.6%) were trading higher following the news.
"Martha is one of a kind and I am so excited to be able to work alongside this icon to sharpen our CBD product offerings across categories from human to animal," Canopy CEO Bruce Linton said in a press release announcing the collaboration.
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