There’s an unmistakable scent in the air. It’s the smell of marijuana and money.
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ArcView Market Research projects demand for cannabis in legal markets will surpass $22 billion by 2020. ArcView CEO Troy Dayton says the growth presents an opportunity for a select group of celebrities.
“One of the few ways for a brand to get ahead is to attach themselves to someone who is already known,” says Dayton. “This is only likely to work if the celebrity has a strong and longtime connection to cannabis before it was popular.”
Blazing the business trail was Tommy Chong, one-half of the stoner comedy duo Cheech and Chong. More than a decade ago, he operated a family business that specialized in handmade glass bongs. In February 2003, Chong’s business and freedom went up in smoke. He was sentenced to nine months in federal prison for conspiracy to manufacture and distribute drug paraphernalia.