*Legal marijuana is the fastest-growing industry in the United States. Experts say that in the next five years, the revenues from legal cannabis products could exceed the film industry, the organic food market, and more than triple the size of overall NFL revenues. Medical research has provided ample evidence that marijuana has beneficial qualities, and celebrities are cashing in with lucrative marijuana product endorsements.
Already, 2017 is shaping up to be an extremely successful year for the expanding cannabis industry, barring an Act of God (or an Act of Trump).
Stars like Whoopi Goldberg, Willie Nelson, Snoop Dogg, and Tommy Chong are among the most well-known celebrities in the cannabis industry. The idea of a marijuana business has become so widespread that one Harvard professor thinks it’s reaching “fad” levels.
John Quelch, a marketing professor at Harvard, said that the legal marijuana industry has “almost gotten into the fad scenario at this point.” He explained that celebrities are picking up the business at such a high rate that it’s almost as if they feel obligated to do so.
Goldberg has created a line of cannabis-infused salves, edibles, and even tampons called “Whoopi and Maya.” The goal of the line is to relieve menstrual pain in a healthier, more natural way. Goldberg said that she got into the business in part because she heard that so many other celebrities like Snoop Dogg and Willie Nelson were involved. Even stars like Melissa Etheridge and Wiz Khalifa have their own ventures.
The 2016 election saw massive victories for marijuana. It was legalized for recreational use in California, and for medical use in several other states. In addition, Colorado passed the $1 billion mark in cannabis sales in 2016.
If this past year is any indication, 2017 should be another big one for the legal marijuana industry. Adam Bierman, Chief Executive Officer of cannabis investment firm MedMen Capital, believes that Los Angeles will soon surpass Denver as the marijuana capital of the United States. Not only is the city quickly approaching the $1 billion sales mark, it’s expected to pass an ordinance in 2017 that will really open up the recreational market for everyone.
In addition, the Bierman believes that 2017 will be the year that the first major sports league gives the green light for marijuana use in sports medicine. Multiple professional athletes have turned to the cannabis industry for medical purposes over the years, and a green light could effectively make further changes to the way society views marijuana.
Whether these predictions come true or not, 2017 is certainly setting up to be a big year for the recreational cannabis industry.