It’s been an eventful few weeks for cannabis! Not just on the community front but the celebrity sales side as well. Earlier this month, digital retail giant, Amazon, voiced their support for the re-re-introduced MORE Act. They took this a step further by doing away with cannabis drug testing throughout the company. In unrelated news in the same week, the partnership between Drake and Canopy Growth ended. The cannabis brand, More Life Growth, was started in 2019; but, they are going separate ways for unclear reasons before production even begins. The latter isn’t shocking news but it’s relevant nonetheless.
Over the last decade of cannabis acceptance, we’ve seen bigger names come out of the cannabis closet. Most recently, it’s been big companies and brands partnering with already established cannabis companies. Even Canopy Growth has partnered with other celebrities before. Seth Rogen and Martha Stewart are just a few of the partnerships they’ve had. The Canadian cannabis company resides in federally legal territory and takes all branding opportunities that it can. The same way small businesses should if Amazon gets into the cannabis distribution side of things.
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It’s important to note, despite the news, Amazon may not have the same effect on cannabis as it did on books. In the same way, celebrities don’t control the industry very much. At most, Amazon could be handling cannabis distribution on a national level; something, I’m sure, they are happy to handle. Just as small businesses sell their products through the retail giant, small cannabis growers and producers may be able to as well. Pending regulations and taxes, that could potentially be an amazing opportunity for otherwise struggling businesses. This is all if the legislation passes in Amazon’s favor.
What this can change is how we see cannabis legislation. At the rate that bigger companies and names get into cannabis, the more lobbying for specific legislation may occur. Support for the MORE Act has dwindled but talk of legalization on both sides of the aisle is more frequent. Canopy Growth’s stock continues to slowly grow while they bide their time until the US federally legalizes cannabis. That legislative change will be the beginning of something new for both Amazon and celebrity cannabis.
