In 2013, sales of legal marijuana reached $1.6 billion dollars. In 2015, the revenue generated by the combined sales of medical and recreational marijuana is estimated to reach twice that amount at $3.1 billion, according to a study conducted by the Marijuana Business Daily. It is expected to quadruple again by 2020. And with such a promising industry, it’s not surprising that celebrity investments are pouring in. These celebrities include the country music star Willie Nelson, rapper and notorious weed aficionado Snoop Dogg, and family members of the late great Bob Marley. Others include singer Melissa Etheridge, actor Seth Rogen, former boy band member Nick Lachey, current NFL defensive tackle Frostee Rucker, former NBA superstar Oscar Robertson, and former talk show host Montel Williams.
Who are the well-known cannabis supporting celebrities?
Willie Nelson has long been associated with pot, and he has started his own pot company called Willie’s Reserve. The company has worked together with private equity firms to fund and grow their business, and they have plans to launch in 2016.
“I’ve bought a lot of pot over the years, and now I’m going to sell some back,” Willie Nelson said in an interview with Guardian.
A similar business plan is also in the works for Marley Natural, a pot company which was founded by members of the Marley family. According to general manager Tahira Rehmatullah, marijuana is closely associated with the Marley clan, and the family considers weed as an integral part of their culture and heritage. Snoop Dogg established a venture capital fund that specializes in marijuana companies. He named it Casa Verde Capital. The plan is to raise $25 million and Snoop has already put some investments in a couple of startups. One is a medical marijuana delivery service, while another is a future cannabis news site which he founded with Seth Rogen. Nick Lachey, Oscar Robertson, and Frostee Rucker have invested in the Responsible Ohio campaign. This is the ballot initiative which may decide whether medical marijuana and even recreational pot will be legalized in Ohio. Montel Williams opened a medical marijuana dispensary in California in 2011. Melissa Etheridge, who started using medical marijuana after being diagnosed with breast cancer in 2004, will soon produce a lineup of wines infused with marijuana.
Many other celebrities have jumped on the bandwagon, but they still want their names to stay private. Still, celebrity endorsements are not the most important factors for medical marijuana users. The range of the inventory and the expertise of the dispensary personnel are still the most important considerations.