CBD Continues to Mainstream: Martha Stewart and Canopy Growth Partner on Products
The mainstreaming of CBD and related cannabidiol products continues, with Martha Stewart and Canopy Growth Corp. announcing a joint launch of "gourmet" CBD gummies. As noted in a Bloomberg article, "Canopy will offer Martha Stewart-branded gummies in flavors ranging from kumquat to huckleberry along with soft gels and oil drops ... Use of CBD, which companies promote as a natural way to mitigate anxiety or manage pain without the high produced by cannabis, has exploded in recent years as attitudes shifted on marijuana and associated products. There are currently around 3,000 brands in a market that Canopy Chief Executive Officer David Klein predicts will reach $10 billion in annual sales in the U.S. by 2023."
Consumer interest in functional products like CBD gummies has risen during the pandemic: our recent Functional Food & Beverage and Supplements 2020 report found that even though consumers were interested in functional foods and beverages prior to COVID-19, during the pandemic, 31 percent of consumers say they are taking more supplements, and 29 percent say they’re consuming more functional foods and beverages. The same report finds that among consumers aware of COVID-19, 6% said they were adding CBD to their diet to manage or treat concerns about immunity.
Stewart’s entry into the CBD market brings a familiar household name to the category, differentiating this Canopy line from an already crowded space. The launch brings a once-controversial product even further into the mainstream. Hartman Group's research conducted during the COVID-19 pandemic finds that consumers currently have an increased proclivity toward familiar products, brands, and retailers that can bring comfort and trust amidst daily lives fraught with unpredictability and disruption. The combination of Stewart’s recognizable branding and the stress-reducing benefits promised by CBD products is likely to resonate strongly with Canopy’s target audience as well as broaden interest in and trial use of CBD products.
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