It seems like every celebrity has a lifestyle brand these days.
Gwyneth Paltrow sells candles, skincare, and wellness products under her brand Goop. Kate Hudson founded Fabletics to sell workout clothes to the masses. And Kristen Bell and Dax Shepard created Hello Bello, a line of environmentally friendly baby products. Recently, celebrities are diving into the cannabis industry, growing and selling their own products, such as cannabinoid oils, edible gummies, and joints.
This boom in celebrity cannabis businesses comes as more states legalize the plant. California was the first state to legalize marijuana for medicinal use in 1996. In 2012, Washington State and Vermont became the first states to legalize the plant for recreational purposes. Today, cannabis is legal for recreational purposes in 18 states and Washington, D.C. Marijuana is legal for medicinal use in 37 states. Most recently, in March, 2021, New York voted to legalize marijuana.
However, on the federal level, marijuana is still illegal and considered a Schedule I controlled substance, which means that it’s classified with harder drugs including LSD, heroin, and peyote. But President Biden has expressed support for the decriminalization of marijuana and legalization for medicinal purposes on a federal level.
In 2020, sales of legal cannabis totaled a record $17.5 billion, increasing 46% from the previous year. By 2026, the legal market is expected to grow further to $41 billion in yearly sales. While many celebrities have joined the legal cannabis industry in some capacity, here are six you may not know about:
In March, 2021, actor Seth Rogen launched his cannabis and pottery business called Houseplant, first founded in Canada, in California. Seth Rogen is known for making “stoner” comedies such as “Superbad” and “Pineapple Express,” so it’s probably no surprise that he’s opened his own cannabis company. When Rogen announced his venture, he said in a tweeted video: “If you know anything about me at all, I am going to assume it’s that I really love weed.”
Rogen announced the U.S. launch on Twitter, where he has more than 9 million followers. Houseplant’s website crashed after Rogen announced it. Rogen has partnered with Canadian cannabis producer Canopy Growth, the same company that Snoop Dogg and Martha Stewart work with to develop their products.
The rapper Snoop Dogg might be one of Hollywood’s most notorious marijuana enthusiasts, In 2015, he started his cannabis line “Leafs by Snoop,” which is based in Colorado. Snoop Dogg founded his business three years after Colorado legalized marijuana for recreational use, becoming one of the first states to do so.
Snoop Dogg’s line can be found in several cities in Colorado. As part of the venture, Snoop Dogg has grown his own hybrid strains of marijuana called “Tangerine Man” and “Lemon Pie,” among others. Snoop Dogg also makes edible products infused with marijuana, such as chocolates and fruit gummies.
Lifestyle guru and chef Martha Stewart—who has an “Odd Couple” friendship with Snoop Dogg—has a line of cannabis products as well. Snoop Dogg reportedly introduced Stewart to the company that has helped her create the line, Canopy Growth.
Stewart’s cannabis products use cannabidiol or CBD, an ingredient that is found in cannabis but that doesn’t contain psychoactive properties, but has been known to help treat anxiety. While Stewart has said that she doesn’t use marijuana, she does use CBD to help her sleep. The CBD line features items such as lemon and blood orange flavored oils, gummies, and gels.
Country musician Willie Nelson built his marijuana business “Willie’s Reserve” in 2015. Nelson sells his brand in Colorado, California, Washington, Nevada, Arizona, Ohio, and Oregon. The parent company of Willie’s Reserve had raised $29.5 million as of 2018.
Nelson is an avid supporter of the legalization of marijuana, and has credited the plant with saving his life. Willie’s Reserve sells three different strains of cannabis, as well as pre-rolled joints, and vape pens. Nelson reportedly works with smaller farmers to grow the cannabis that he uses.
Comedian Jim Belushi started growing cannabis on a farm in Oregon more than five years ago. Belushi decided to sell a strain of his plant, named Blues Brothers after the movie in which his brother starred, at a dispensary in his home state of Illinois. He has two other signature strains of the plant named Belushi’s Secret Stash and Captain Jack’s.
The comedian sells his products under the name Belushi’s Farm in Colorado and California, in addition to Illinois. Belushi has said that he believes his brother John Belushi, who died of a drug overdose in 1982, would still be alive had he known about the reported medical benefits of marijuana.
Rapper Jay Z developed a line of cannabis with California company Caliva in 2020. The line, which is called Monogram, divides the products into three categories: light, medium, and heavy. The strains are also numbered instead of named.
In addition to starting his own line of cannabis products, Jay Z also works for Caliva as the company’s chief brand strategist. Additionally, in January, 2021, Jay Z said that he had started a fund aimed at investing in cannabis businesses owned by people of color.
Investing in legal cannabis
Whether or not you live in a state where cannabis is currently legal, you can get in on the industry by investing in it.
Although marijuana is currently illegal under U.S. federal law, you can still invest in legal cannabis.1 Some cannabis companies are listed on exchanges in the U.S. but operate out of places like Canada, where cannabis is legal. You can invest in single stocks of companies such as Aurora Cannabis, Canopy Growth, Cronos Group, and Tilray as single stocks on Stash.2 Corporate Cannabis, an ETF available on Stash, includes shares of Canopy, Tilray, and more.
Remember that a diversified portfolio should include investments in bonds, stocks, and exchange-traded funds across different sectors of the economy. Diversification can help you spread out the risk in your portfolio. Diversification is part of our financial philosophy, the Stash Way, which involves regularly investing small amounts in a diversified portfolio, budgeting, saving for your goals, and more.