Cannabis sector-related exchange traded funds led the charge on Tuesday, shaking off the broader market malaise, as Canopy Growth (NYSE: CGC) partners with Martha Stewart to launch a website to sell CBD products in the U.S.
Among the best performing non-leveraged ETFs of Tuesday, the ETFMG Alternative Harvest ETF (NYSEArca: MJ) advanced 4.3%, Cambria Cannabis ETF (TOKE) increased 2.7%, Global X Cannabis ETF (NASDAQ: POTX) surged 4.9%, AdvisorShares Pure Cannabis ETF (YOLO) gained 3.5%, Amplify Seymour Cannabis ETF (NYSEARCA: CNBS) rose 4.0% and The Cannabis ETF (NYSEARCA: THCX) jumped 5.1%.
Meanwhile, Canopy Growth shares climbed 14.9%.
Canopy’s website, shopcanopy.com, is the latest attempt from Canada’s pot industry to break into the U.S.’ hemp-derived CBD market, which still faces regulatory scrutiny on the federal level and has discouraged many retail stores, Investor’s Business Daily reports.
“We’re pleased to offer our customers a convenient, one-stop destination for exploring and purchasing Canopy Growth’s products in the U.S. As our exciting portfolio of hemp-based CBD products continues to grow and diversify, it’s our ambition to offer competitively-priced, high-quality products for each consumer need state and price point,” Sol Clahane, Vice President and General Manager – U.S. Region, Canopy Growth, told RTTNews.
Canopy stated it will only sell CBD products in states where it is permissible under U.S. law, and It will also follow existing FDA regulations for manufacturing, labeling, and marketing dietary supplements.
The website will sell CBD-related products, such as soft-gels, oils, topical products, and edibles. It will also provide access to different brands that Canopy has developed or acquired over the years.
Martha Stewart’s CBD brands were not yet available on the website. However, Canopy says the products released under Stewart’s brand will “combine gourmet flavors — developed by Martha herself — with the purest, safest CBD isolate.” The products were “specifically formulated with guidance from Martha herself.”
This new venture into the U.S. comes after Canopy earlier this year said it would stop hemp farming in Springfield, N.Y., “due to an abundance of hemp produced in the 2019 growing season.”
For more information on the marijuana industry, visit our cannabis category.