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Michael Kern

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Michael Kern is a newswriter and editor at Safehaven.com, Oilprice.com, and a writer at Macro-Investing.com.

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Are Celebrities Good Or Bad For Cannabis Stocks?

Cannabis Stocks

Political polarization is ruining Thanksgiving families’ dinners. As Republican and Democrat supporters grow further apart, bipartisan turkey dinners are being canceled or shortened. 

However, if you are the one hosting, there is one way to survive these familial political differences: Cannabis-infused gravy. 

According to the recipe’s authors,  Kiva Confections, “In just under 15 minutes you’ll start feeling the effects, so you can sit back, relax, and let the holiday cheer wash over you.”  

This recipe is not from the Martha Stewart cookbook, but that wouldn’t be farfetched: The hostess extraordinaire is now dabbling in the cannabis business, too. 

This summer, Stewart joined the Canadian marijuana company Canopy Growth as an adviser to help them develop cannabis products for people and their pets. 

Apparently, and expectedly, Stewart was introduced to the new business by her TV co-star, Snoop Dogg.

Snoop Dogg has a preexisting partnership with Canopy Growth. He also owns an investing firm called Casa Verde Capital that focuses on cannabis start-ups. Last year, he published a cookbook, “From Crook to Cook.”

Stewart and Dogg are only a part of the growing group of loved (or just influential) celebrities promoting cannabis products. Or even running their own.

English actor Patrick Stewart recently became a patron of Oxford Cannabinoid Technologies, which invests in research for pain and inflammation therapies. 

Canadian comedy show Trailer Park Boys partnered with OrganiGram to release “Trailer Park Buds,” a line of flowers, pre-rolls, and blended products.

Former American football player Errick Lynne Williams Jr. claims that he lost $10 million in salary and endorsements for marijuana use while still playing. Last year, he founded Real Wellness, mixing many healing herbs to CBD.  

Even Republican politician John Boehner, who spent years opposing marijuana legalization, was recently brought onto the board of Acreage Holdings.

In the U.S., 62% of Americans favor legalizing marijuana, while worldwide the legal cannabis industry market topped $12 billion dollars.

Eleven states and Washington, DC, have now legalized marijuana for recreational use for adults over 21. Using celebrities is a clear move by the cannabis companies to promote the plant’s products to the public and influence the regulators.

Still, cannabis companies are basically just copying the marketing scheme of cryptocurrencies a couple of years back.

From Katy Perry showing off her crypto manicure to Snoop’s Blockchain Week performances, celebrity interest in digital currencies had in some ways been construed as a sign of growing acceptance.

At least two dozen celebrities, including actors Jamie Foxx and William Shatner, boxer Floyd Mayweather and hotel heiress Paris Hilton, among others, have publicly endorsed several projects ahead of their respective token sales. 

But even with the celebrities backing, some of them failed miserably. 

Last year, Steven Seagal endorsed the Bitcoin ICO that claimed to be a better version of bitcoin. They reportedly raised $75 million and then bailed. DJ Khaled and Floyd Mayweather Jr. also found themselves attached to the Centra Tech ICO that raised over $32 million. The project was targeted by the SEC and its founders were charged and indicted for fraud. 

Cannabis stocks are disastrous right now, so is this A-lister help actually helping? 

By Michael Kern for Safehaven.com

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