The 2018 Cannabis Trend Report from Axiswire explores the intersection between Hollywood celebrities and cannabis. This relationship is expected to explode as legalized marijuana takes hold in California.
Part 4 of 8 of the 2018 Cannabis Trends: Welcome to Hollyweed
Another emerging trend in the cannabis industry is the growing level of comfort between Hollywood and cannabis. Although it’s no secret that many Hollywood stars have been known to indulge in cannabis use from time to time, most have been reluctant to publicly open up about their affinity for cannabis. But now that recreational cannabis is legal in California, it seems like every celebrity with even a modicum of fame is rushing to cash in on the legal cannabis industry.
Before recreational cannabis became legal in California, there were already a handful of daring celebrities that launched their own cannabis brands.
As an ardent medical cannabis advocate, Montel Williams was one of the first celebrities to dive feet first into the cannabis industry. In 2016, Williams launched the medical cannabis lifestyle brand Lentiv; which sells hemp-based CBD supplements and cannabis oils.
Melissa Etheridge was also one of the first celebrities out of the gate; in 2014 she released her own brand of cannabis wine called Know Label. Although marketed as a wine, Know Label is technically classified as a tincture as current California law forbids the selling of products that mix alcohol and cannabis.
As legalization spread throughout the country, becoming more of a question of when than if, more celebrities have come out of the woodwork. Willie Nelson has Willie’s Reserve, Gwyneth Paltrow’s lifestyle brand Goop recently teamed up with the cannabis dispensary chain MedMen, and Whoopi Goldberg has Whoopi & Maya.
Not every cannabis loving celebrity wants to start their own brand, however, some just want to consume it. For those famous folk, a whole host of high-end luxury cannabis brands have started to take Hollywood by storm.
To start, the boutique hotel group Standard International has teamed up with the edibles maker Lord Jones to open a retail cannabis shop in the lobby of the Standard Hollywood, located on Sunset Boulevard. Once open, the shop will be stocked with high end cannabis products; both edible and smokeable.
During this year’s Academy Awards, the artisanal cannabis distributor Flow Kana became the first cannabis brand to hand out cannabis gift bags at the awards ceremony. Each bag contained several pre-rolled joints and jars of cannabis.
While stoner comedies have been a staple of Hollywood for decades, the same cannot be said of television; that is, until the last couple of years. The web series High Maintenance, which centers on a cannabis delivery man in New York, was picked up by HBO in 2016 and has been met with rave reviews.
Similarly, the streaming giant Netflix has already produced two cannabis-centered television shows, Disjointed and Cooking on High. Although neither show has been met with particularly favorable reviews, the fact that its subject matter is no longer controversial demonstrates the far reaching mainstream appeal of cannabis.
For all intents and purposes, cannabis has gone mainstream in Hollywood. In the short-term future, look for more celebrities entering into the cannabis industry, either with their own brand or as a partner with an existing company. Most of these brands will either fail commercially or simply fail to distinguish themselves; although the brands that lean into the luxury market will have a better chance of survival. Expect to see more awards shows and elite events embrace cannabis and don’t be surprised when joints become as common as a glass of champagne.
In the long-term, however, expect to see cannabis become boring. With more celebrities coming out about their cannabis use, more television shows about cannabis being produced, and more cultural institutions generally embracing cannabis; smoking a joint will no longer be seen as cool or edgy or anything other than normal.
So far, 2018 has been a huge year for the cannabis industry; but where is it all heading? In AxisWire’s 2018 Cannabis Trend Report, we take a look at some of the biggest developments in the cannabis industry so far this year and provide insight as to where the market trends suggest they will be headed.
Here’s a sneak peak:
Women in Cannabis Women are gaining greater ground in the cannabis industry. Women hold approximately 27% of C-Suite level positions in the cannabis industry. The last year has seen an explosion of industry organizations dedicated to advancing women in the industry, like IPW and Women Grow. There is also a growing number of women-owned cannabis brands, like Garden Society, as well as brands marketing specifically to women, such as Whoopi & Maya.
Cannabis Stocks Bolstered by legal cannabis in Canada and by increasingly impotent federal enforcement in the United States, the number of cannabis companies going public is on the rise. Companies like Canopy Growth and Cronos Group have gone public on the New York Stock Exchange and NASDAQ, respectively. Additionally, several US companies are gearing up to go public in Canada; including Acreage Holdings, Dixie Brands Inc., and MJIC Inc.
AgTech Agricultural technology in the cannabis industry is set to see some big changes. Cannabis giants like Aurora and Canopy are starting to build massive grow operations and as such as are looking for ways to increase efficiency and reduce costs. Cannabis growers are beginning to favor CMH lighting over LEDs and HPS lighting, primarily due to its low costs and high Color Rendering Index Score. Automation is also an avenue that cultivators are exploring to reduce costs, including cannabis trimming robots.
Welcome to Hollyweed Hollywood is slowly becoming more comfortable with its relationship with cannabis. Encouraged by recreational cannabis becoming legal in California, there has been an upswell of celebrity cannabis brands; such as Montel Williams’ Lentiv. Likewise, there has been an increase in cannabis-related television shows, and award shows like the Academy Awards have started allowing cannabis gift bags.
Infused Cannabis Beverages Beverages infused with cannabis stand to be the next big thing in the industry. Several large beer companies have already expressed interest in making craft cannabis beverages; including the brewing company Lagunitas. Independent cannabis companies have also begun to branch out into the world of cannabis beverages; including a number of cannabis-based wines, such as the new luxury brand coming to market SAKA.
Blockchain and Cryptocurrency Like other industries, cannabis has fallen head over heels for cryptocurrencies and blockchain. Due to the disconnect between state and federal cannabis laws, some companies have resorted to launching Initial Coin Offerings as a way to raise money. Additionally, larger cannabis companies have begun to develop blockchain-based software systems to help manage seed-to-sale tracking as well as point-of-sale technology.
International Trade Cannabis’ newfound legality in Canada has led several cannabis companies to seek out international markets. A lack of infrastructure in medical cannabis markets, such as Germany, have presented an opportunity for cannabis companies to gain some short-term profit and some long-term benefits. By setting up in developing markets, larger cannabis companies have the chance to establish a footprint before local businesses even get off the ground.
Music Industry & Cannabis A growing number of famous musicians are starting to stake a claim in the cannabis industry. Legends like Snoop Dogg and Willie Nelson have launched their own cannabis brands, and business savvy rock stars like Gene Simmons have started to make investments in this growing industry. Some aspiring musicians are also hoping to make a name for themselves by using cannabis itself to spread awareness of their music.
The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis