Music icons have always been associated with the fight to make marijuana legal. Jimmy Buffett led NORML in the early days. One does not think of Bob Marley without the colorful Jamaican holding a joint. It is no wonder that past and present icons are planning to take advantage of the industry’s projected double digit growth. With medical marijuana available in 27 states, the marijuana businessis projected to grow from $5.4 billion to $6.7 billion next year. Estimates are by 2019 the industry will total $11 billion. What an amazing projection.
The Marley estate released Marley Natural on February 5 to honor the legend’s 71 birthday.
Offering four strains, the cannabis ranges from a mild beginner high with Marley Green to the opposite end of the spectrum, Marley Black for the experienced user.Another well-known supporter, Snoop Dogg is working to establish a national brand as well. Snoop commented to Mashable that “Brands gotta step in and do what they do.”
Snoop is taking the business one step further with the launching of his marijuana investment group. His plan is to use his investment skills as he has in the past with technology. He is seeking a total of $25 million. Privateer Holding, the backing behind Marley, is seeking $75 million.
Willie, Snoop, Bethenny Frankel and others have already invested in the pot industry
Bethenny Frankel echoes the Snoop Dogg sentiment.
The Skinny Girl Brand has plans to launch a no munchie strain of marijuana. The decision to invest in cannabis was based solely upon the industry growth rate. The brand is still in the planning stage but will launch first in states allowing recreational marijuana.
Many long term supporters are cultivating plans to enter the industry.
Supporters such as Willie Nelson are developing dispensaries and specialty strains. Like fine alcohol, the name Willie’s Reserve has been selected, but no firm schedule has been rolled out. The tentative plan is to start this year in states such as Colorado, Washington, and Alaska.
Investment groups see tremendous potential outside of the traditional dispensary business
As the number of states legalizing marijuana for recreational use increases, many investment groups are looking beyond the standard leaf. This is especially the case considering infused products make up 30% of the market. Dixie Elixir and Dixie Edibles, based in Denver have over 100 SKUs, the flagship being infused sodas. The brand is growing as demonstrated by entry into the CA. market in December 2015.
It should come as no surprise that Tommy Chong is established in the industry backed by Bud Genius Lab. The organization is involved in all aspects of the marijuana business from licensing to distribution.
Many investor groups are taking advantage of soon to belegal marijuana, believing the days of prohibition are coming to an end. A majority of states appear to beready to profit from the tax infusion. There is tremendous potential for the economy with careers in the cannabis industry.
The marijuana industry growth rate will no doubt have an effect on a number of auxiliary industries. Entrepreneurs have seized opportunities in tourism, hydroponics and the accessory market. This is a definite boost to the American economy.Many countries are reconsidering their views on marijuana. It is projected that it will be legalized in Canada in 2017with California and other states placing recreational marijuana on this year's ballot.
