Seth Rogen is the latest celebrity to team up with multi-billion capped Canopy growth
Seth Rogen. Why did it take you so long?
Of all the people to move into the cannabis market, you think Seth Rogen would have been there quicker.
The star of Pineapple Express and producer of love ’em or hate ’em television shows (I love ’em) such as Black Monday (starring Don Cheadle takes an irreverent look at Wall St in the 1980s and is worth your time), Preacher, and Futureman has launched his own cannabis company called Houseplant.
Rogen has opened Houseplant with long-time collaborator Evan Goldberg to supply cannabis within the burgeoning Canadian market.
It comes as no surprise that the pair just happen to be working with one of the biggest listed cannabis companies in the world, the C$19 billion capped Canopy Growth Corp. (TSE:WEED).
A spokesman for Canopy commented: “Houseplant is the result of years of experience and dedication, with each element and expression thoughtfully designed to make it easier for people to learn to love cannabis as much as Houseplant does.”
As we have reported previously, Canopy is already in bed with Martha Stewart and its subsidiary, Tweed, has a long standing relationship with Snoop Dog.
Now add Rogen to the mix and Canopy has baked a pretty potent cookie.
Rogen said: “Houseplant is a passion we’ve brought to life through drive and dedication. Every decision we’ve made for the business reflects the years of education, first-hand experience and respect we have for cannabis.”
The move by celebrities into the industry can’t hurt those looking to profit from its growth.
Along with celebrities, PR companies have now jumped on the bandwagon to sell the story.
BCW (Burson Cohn & Wolfe) is a global communications agency that recently introduced a strategic consulting unit to help companies in the emerging cannabis and hemp space gain market entry, navigate policy and regulation challenges, identify and engage the cannabis consumer and communicate product benefits, all on a global scale.
It is no surprise PR is getting into the act, and again you wonder why they have been so slow to do so, given the industry’s penchant for trying to capitalise on major trends.
According to a report by Grand View Research, Inc., the global legal marijuana market is expected to reach US$146.4 billion by end of 2025. The US legal marijuana market size was estimated at US$7.06 billion in 2016 and is expected to develop at a compound annual growth rate of 24.9% from 2017 to 2025. Estimates from New Frontier Data’s Hemp Business Journal suggest the hemp derived CBD market will triple from a $390 million market in 2018 to a $1.3 billion market by 2022.
“While the cannabis industry is significant, it is really at the nascent stage of market development,” said Donna Imperato, Global CEO, BCW.
“Companies entering the space must navigate policy, operations, consumer education, marketing, and finance and capital markets – which is no easy feat.”
Of course, if your name is Seth Rogen, Martha Stewart or Snoop Dog it may be a different story.