Some big names are investing in cannabis!
NFL champion and retired New England Patriots star Rob Gronkowski announced a partnership with CBD products company CBDMedic to create a line of topical pain treatments using the cannabis-derived compound. Gronkowski explained that his father first introduced him to a CBDMedic topical cream for use as a pain reliever (his father uses it for back pain), now he uses for his own bruises and bumps. Also, NBA champ and retired Celtics star turned ESPN basketball analyst Paul Pierce is launching his own line of hemp-derived CBD targeted toward fellow athletes called The Truth CBD Remedies. Additionally, Hall of Fame quarterback Joe Montana made news recently by investing in Caliva, a large California weed operator with a focus on CBD products.
The NHL Alumni Association decided to partner with Canopy Growth, a Canadian company, to study cannabinoids as treatment for post-concussion neurological diseases in ex-hockey players. Similarly, the basketball league Big3 began an official sponsorship with cbdMD. Most notably, are the dispensaries popping up under the ownership of NHL player Riley Cote, who founded BodyChek Wellness and the NBA’s Al Harrington, founder of Viola a medicinal and recreational products company.
The U.S. CBD market grew over 700% in 2019. According to the Brightfield Group, sales of CBD products in the U.S. alone are slated to grow from $591 million in 2018 to $22 billion by 2022. Experts forecast an annualized growth rate of 147%, which is far more profitable than the broader cannabis sales growth. The CBD industry’s projected profits is not the only reason for the market growth. CBD is quickly gaining a reputation as a safe alternative to traditional cannabis products that include high levels of THC. CBD is a publicly accepted therapeutic oil which invites public figures to its market without the stigma of traditional marijuana products.