Black celebrities, private companies and small businesses are finding ways to cash in on legal marijuana operations. They’re tapping into all aspects of the industry from venture capital funds to dispensaries and even creating their own line of cannabis items. There’s a lot of money at stake for the culture to cash in on, with the regulated cannabis industry expected to soar to $75 billion by 2030, according to Cowen & Co. Let’s dive into the top black ganga-prenuers who are making bank and legally disrupting the marijuana market.
Why This Matters: As the saying goes, “Cannabis Only Sees Green”, and these cultural trendsetters are clearing out the smoke. First up we have Uncle Snoop Dogg, his Casa Verde Capital, venture capital firm joined a $50 million funding round for Metrc, which develops “track and trace” compliance software for cannabis growers that operate in states where production is legal. Snoop is also part owner of Canopy Growth (CGC +2.43%), a cannabis grow operation and a brand ambassador for Seedo Homelab, a hydroponic growth company that uses artificial intelligence.
There are rappers like Lil Wayne who is new-ish to the cannabis game, and is set to launch a line of products through GKUA
Next up we have actress, comedian and talk show host Whoopi Goldberg who has her Whoopi & Maya line of cannabis products that target women’s wellness. Another talk show host fully in on the cannabis game is Montel Williams, he’s been using marijuana therapeutically for over a decade to treat his multiple sclerosis. Williams’ most recent partnership is with Cura Cannabis, to produce his Lenitiv line of medical marijuana products. The medical cannabis sector holds the largest share of the market and globally is projected to reach more than $97 billion by the end of 2026, according to Fortune Business Insights.
Rapper and philanthropist Shawn “Jay-Z” Carter who has forged a partnership with California cannabis brand Caliva, by taking on its Chief Brand Strategist role can possibly make a difference. This comes after a $75M dollar funding round in April 2019, as he plans to expand operations and include a workforce training program. A program like this can help people of color tap into what’s quickly becoming one of the fastest economic booms of all time.
Situational Awareness: There are rappers like Lil Wayne who is new-ish to the cannabis game, and is set to launch a line of products through GKUA slated to come out this year, starting in California. He’s not the only hip hop artist interested in the regulated cannabis market, where U.S. sales surged by 20% in 2018 and jumped another 36% last year, according to Arcview Market Research. Rapper Wiz Khalifa has already released a line of “Khalifa Kush” cannabis strains in partnership with Colorado-based RiverRock Cannabis. Of course Drake wants a piece of the action, and he launched his More Life Growth Company under the Canopy Growth banner. Drake will have a 60% stake in the Toronto based company.
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