It will be called Marley Natural and be used to sell cannabis-infused lotions, creams and various accessories.
The new brand is being developed with Privateer Holdings based in Washington state, stressing the life and legacy of Jamaica's greatest cultural export.
It is intended to be sold in the US and possibly worldwide from next year.
Bob Marley's daughter, Cedella Marley, said her father would welcome the move.
"My dad would be so happy to see people understanding the healing power of the herb," she said.
Privateer's chief executive Brendan Kennedy said a Marley was "someone who, in many ways, helped start the movement to end cannabis prohibition 50 years ago.
"It was just a natural fit between Bob Marley and this product. You know if you were to look for the most famous human being who ever walked the face of the earth related to cannabis, it would be Bob Marley."
Bob Marley died of cancer in May 1981. He embraced cannabis as a key part of his Rastafarian faith and supported its legalisation.
Cannabis use for recreational purposes is legal in the US states of Colorado and Washington.
Several other states may follow suit and others are permitting the sale of marijuana for prescribed medical purposes.
BBC News |