Canopy Growth (NYSE:CGC,TSX:WEED) has secured another celebrity business relationship thanks to its investment in a cannabis brand by actor Seth Rogen.
The brand, Houseplant, was founded by Rogen in collaboration with his creative partner, Evan Goldberg.
In a Wednesday (March 27) announcement, Canopy said it will aid Houseplant with “production and distribution capabilities.” According to the licensed producer (LP), the products from this brand are set to hit the Canadian market “over the coming months.”
The LP revealed that the partnership between the two groups was created after just under two years of working closely.
“Canopy Growth has worked closely with Houseplant for almost two years, and the entire Canopy Growth team is deeply impressed by [Houseplant’s] understanding of the cannabis consumer, attention to detail and hands-on approach to this new partnership,” the firm indicated to shareholders.
The Houseplant brand plans to offer strains of dried flower cannabis, softgel capsules and pre-rolled joints in the Canadian cannabis market.
The Canadian Press reported that Canopy gained a 25-percent stake in the Rogen company. However, details of the transaction were not disclosed.
“We could not be more passionate about this company, and we are dedicated to doing everything the right way,” Rogen told the Canadian Press. “It is extremely important to us to treat cannabis with the reverence it deserves.”
Shares of Canopy Growth were down 3.8 percent on the TSX to C$57.46 as of 1:08 p.m. EST on Wednesday. On the NYSE, the stock dipped 4.36 percent to US$42.75 as of 1:22 p.m. EST Wednesday.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.