Marijuana is gaining more and more attention. The industry has been on a roller-coaster ride this year. Many factors, such as regulatory scandals and weaker earnings, have affected the sector. Other factors, such as more US states (including South Dakota and Wisconsin) legalizing marijuana, have also made the industry more attractive.
What’s caught the most attention is that many celebrities are joining the growing movement to promote and support marijuana’s use. Let’s look at a few.
Marijuana is gaining traction among celebrities
It’s not just presidential candidates and the wealthiest Americans who support cannabis. Many celebrities also support marijuana culture in the US. This kind of support could help cannabis companies become more mainstream. Marijuana still faces scrutiny from the federal government and is illegal despite the support of many Americans. However, California’s legalization of weed in 2018 made it easier for celebrities to show their support.
Countries such as Mexico are also stepping up to the plate in terms of understanding the benefits of marijuana and its legalization. So what could be the reason for the hesitation in the US? The lack of proper research and understanding of the benefits of marijuana could be one contributor. However, quality research requires money and will likely only be possible once marijuana is federally legalized.
Cannabis use can be destigmatized by celebrity support. According to a GreenFund article, “The presence of celebrities is also beneficial to the industry as a whole, as their influence will help to further de-stigmatize cannabis use, as well as incentivizing further research into the plant’s medicinal and recreational applications.”
Why are celebrities supporting the marijuana movement?
Many celebrities are cashing in on their own cannabis brands. The demand for the product with the popularity of the stars is a win-win for both. According to the same GreenFund article, research by BDS Analytics predicts that the US marijuana market will touch $22 billion in sales by 2022. This could be one of the main reasons why celebrities are supporting the marijuana movement—to capitalize on an evolving industry. Rapper Snoop Dogg entered into a partnership with Canadian cannabis giant Canopy Growth (CGC) (WEED) in 2016. Together, they launched a product line under the Leafs by Snoop brand.
Canadian-American actor Seth Rogen has also announced the launch of a new cannabis company called Houseplant. The brand’s first product is called Houseplant Sativa. The company has partnered with Canopy Growth, which said in a statement, “Houseplant represents years of product expertise and unmatched attention to detail within each strain that has been carefully selected and grown.” Houseplant’s products currently target only the Canadian market.
Martha Stewart joined hands with Canopy as well
Legendary lifestyle guru Martha Stewart has also partnered with Canopy Growth. This new partnership is working on developing a new line of hemp-derived CBD (cannabidiol) products for people and pets. Stewart will be launching a new line of her own brand of cannabis-based cosmetics, food, and animal care products along with Canopy.
Canopy Growth is planning to launch these CBD-based products after Canada legalizes edibles and concentrates next month. Peers Aurora Cannabis (ACB) and Aphria (APHA) are planning edibles expansions as well.
Both Aurora and Aphria are planning to expand their vape and concentrates businesses after Cannabis 2.0. Aurora plans to produce vape pens, mints, gummies, and chocolates through its new facilities. Meanwhile, Aphria intends to introduce a broad portfolio of vapes and concentrate products through its strategic deal with PAX Labs.
Canopy also plans to expand its hold on the US market with the acquisition of Acreage Holdings (ACGRF). However, this deal will only be finalized if the US legalizes cannabis.
Other celebrities who support the marijuana movement
Famous Internet personality Dan Bilzerian launched Ignite Cannabis Co. in 2018. The company will produce THC and CBD products in the form of concentrates, pre-rolls, oils, and flowers.
Famous names such as Jennifer Aniston, Rihanna, and Miley Cyrus also support marijuana. Other celebrities who support the marijuana movement include Justin Timberlake, Bill Maher, Megan Fox, Morgan Freeman, and Lady Gaga. However, celebrity support doesn’t guarantee the success of the industry. Various other factors come into play. None of this support will work if the federal government and President Trump don’t legalize it. It’s important now for them to understand the benefits of the evolving marijuana industry for the US economy.
Lately, we’ve seen the sector struggling against various headwinds. To learn more about cannabis stocks’ performances in 2019, read Which Cannabis Stocks Have Lost More than 40% in 2019? and Cannabis Stocks: Will Tough Times End Soon?
However, support looks to be strengthening. With many other countries stepping up in favor of legalization, the US could follow suit. We can only hope the support is enough to persuade Trump and the federal government to make a legalization decision soon.