Sequential Brands Group Inc (NASDAQ: SQBG) is having an incredible time in the trading session this morning, and for good reason. The company announced a new partnership, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The partnership news;
- what we’re seeing from SQBG stock as a result; and
- what we’ll be watching for ahead.
SQBG Announces Partnership
As mentioned above, Sequential Brands Group is having an incredible start to the trading session this morning after announcing a partnership. In a press release issued early this morning, SQBG and Canopy Growth Corp (CGC) announced that they have teamed up with Martha Stewart.
According to the release, Martha Stewart has joined the company in an advisory role. She will assist with developing and positioning a broad new line of product offerings across multiple categories.
In the release, SQBG and CGC reminded investors of Martha Stewart’s pull among consumers as a well-respected businesswoman in the US. The company will benefit as she shares her vast knowledge of consumer products and helps to explore the effectiveness of CBD and other cannabinoids as they relate to improving the lives of humans and animals.
In a statement, Martha Stewart had the following to offer:
I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living. I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets.
The above statement was followed up by Bruce Linton, co-CEO at CGC. Here’s what he had to offer:
As soon as you hear the name Martha, you know exactly who we’re talking about. 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.
What We’re Seeing From The Stock
One o the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Sequential Brands, the news proved to be positive.
After all, an entrance into the emerging CBD market with a player like CGC is great news. So, it’s not surprising to see that excited investors are pushing the stock on a run for the top.
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:21), SQBG is trading at $1.48 per share after a gain of $0.28 per share or 23.33% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SQBG. In particular, we’re interested in seeing what CBD-related products are created as a result of this partnership. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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