Since the legalisation of recreational marijuana in the United States coupled with the increase usage of edibles many celebrity related cannabis products have appeared in the market.
However, are these celebrity brands here to stay or will they fade out as the industry becomes more mature?
Mike Tyson, Martha Stewart and former Beatle George Harrison all have their names associated with a cannabis related product. The latter despite have died in 2001.
Celebrity association to brands in traditional industries have shown a 4% boost to sales. With a large social media following celebrities can reach an audience that might be the original target audience.
That along with their influence can certainly offer benefits for brands. For cannabis companies who they choose to represent their brand is of key importance however.
For traditional cannabis it is unlikely that a celebrity with a clean wrap sheet or no links previously to cannabis usage will be attractive.
However, for edibles who target a much wider market it is no surprise that a someone like Gwyneth Paltrow has become involved.
Of course, using celebrities to promote your brand is nothing new. Along with traditional adverts we have seen that the recent boom in NFT markets in the cryptocurrency industry was largely driven by celebrities showing off their latest piece of art.
Snoop Dogg, no stranger to the cannabis market, even released a song with Eminem based on an NFT product.
Despite this, due to wider market conditions the NFT market has collapsed in recent months.
As the market matures, as it is expected to do reaching a global value of $176 billion by 2030 with institutional money coming to the fore we may see the celebrity brands eased out of the market.
Instead, they may still be affiliated but not part of the direct running or providing such influence to the business. A celebrity promoting a brand has consistently been shown to help sales.