Celebrities who flaunted their pot smoking for decades when it was taboo are now cashing in on the legal cannabis boom.
GCH Inc., a Colorado firm that markets country music legend Willie Nelson’s brand of weed, said on Wednesday that it has raised $12 million to expand beyond its current market of Colorado, Washington, Nevada and Oregon. That brings its total funding to $29.5 million. Earlier this month, a private equity firm backed by billionaire Peter Thiel said it has amassed $200 million for its cannabis portfolio, which includes the official brand of the late reggae star Bob Marley.
From comedians Cheech & Chong to the rapper Snoop Dogg, pot-smoking artists are finding that celebrity branding can work just as well as in the cannabis market as it does for soft drinks, sneakers and insurance companies — and maybe even better. For now at least, having a big name behind a product can break through the clutter of cannabis strains like Gorilla Glue and Mob Boss, according to Allen Adamson, co-founder of Metaforce, a marketing consulting company. [Read [email protected]]
