Celebrities such as Willie Nelson and Snoop Dogg have long worked to build legal cannabis businesses and investments.
Now, the allure of legal cannabis is becoming broader, and drawing in everyone from former NFL stars to professional venture capitalists. According to CNN:
Tiki Barber, formerly a star running back for the New York Giants, has worn many different hats since retiring from the NFL in 2007. But Barber’s latest venture is a little more controversial.
He worked for NBC’s “Today” as a news correspondent and now co-hosts a show on CBS Sports Radio. He’s the co-founder of sports marketing firm Thuzio and he is also currently appearing in Broadway’s Kinky Boots for a brief stint.Now Barber is hoping to cash in on the growth of the marijuana business in the United States. Barber late last year co-founded Grove Group Management, an investment firm that plans to focus on cannabis start-ups.
The trend of high-profile executives, athletes and celebrities pumping money into cannabis-related companies continues to grow. As does spend in the sector. Worldwide legal cannabis spending spiked to $12.2 billion in 2018 and isprojected to grow 38 percent to $16.9 billion in 2019, according to cannabis research firm ArcView Group. This is a significant jump from $9.5 billion in 2017.
And if you need further evidence that cannabis is no longer a dirty word, former House Speaker John Boehner last October was part of “a team of presenters leading a free online event for budding (no pun intended) cannabis investors,” according to this Forbes piece. The industry is also drawing attention from a wide variety of perhaps unexpected investors including Law and Order creator Dick Wolf and former NBA players Oscar Robertson and Cliff Robinson, among others.