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Cannabis Of The Rich And Famous

Tommy Chong poses for a photo with his dog at his home office in Los Angeles on Tuesday, Dec. 4, 2018. (AP Photo/Richard Vogel)ASSOCIATED PRESS

One sure sign that the cannabis industry in the U.S. is gaining steam — the rush of celebrities hoping to get in on the ground floor.

It’s probably no surprise that Tommy Chong, one half of the world’s most famous cannabis-loving duo, launched a line of medicinal cannabis products. But joining Chong in the increasingly crowded world of celebrity cannabis are the likes of Joe MontanaWhoopie Goldberg and Gwyneth Paltrow.

The marriage of celebrities and cannabis companies benefits both parties. Celebs offer products immediate name recognition and a built-in fan — and potential customer — base. That name recognition and a celebrity’s own branding are priceless in an increasingly crowded marketplace. The celebs also quickly convey to consumers an idea of what the cannabis brand stands for. Paltrow, for example, is associating her Goop lifestyle publication with high-end Med Men retail stores. Willie Nelson, on the other hand, has one of the top-selling flower lines with Willie’s Reserve, for people who still like to roll their own joints.

And while cannabis remains illegal at the federal level, which makes banking incredibly difficult, celebrity investors can offer companies a big cash injection. For example, Law & Order creator Dick Wolf was an early investor in DigiPath, an independent marijuana-testing lab, and Goldberg gave her name and money to her line of medical cannabis products, called Whoopi & Maya Synergy.

To Read The Rest Of This Article By Nick Kovacevich on Forbes

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Published: December 10, 2018

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