Pot queen Gwyneth Paltrow 'dominating' California's Cannabis market
Gwyneth Paltrow Quietly Dominates California's Cannabis Market with THC-Infused Sparkling Water Brand.
The cannabis industry is rolling out the red carpet for actress-turned-wellness guru Gwyneth Paltrow, who is quietly "dominating" California's market alongside other stars after backing an increasingly popular THC-infused sparkling water brand, RadarOnline has learned.
The Goop CEO now has another accomplishment to add to her resume as co-owner of one of the most successful celebrity cannabis brands in the state, which is raking in over $750,000 in sales a month, according to a new data-based report.
Cann sells cannabis-infused sparkling waters in a number of unique flavors including blood orange cardamom – a favorite with nearly 160 reviews on the official website – as well as lemon lavender, grapefruit rosemary, and pineapple jalapeno.
Each serving of the bubbly beverage contains as little as 2 milligrams of THC and 4 mg of CBD.
Cann also offers Hi Boys, which are recommended for anyone who wants a higher buzz as well as Roadies, which are smaller "liquid packets – aka Cann minus the can."
Entrepreneur Luke Anderson, who co-founded Cann alongside Jake Bullock, had convinced the Iron Man star to be part of his $5 million seed round after she had previously declined to invest in the brand, following which she gave her endorsement. Paltrow was the largest celebrity investor in 2020.
The growing brand also has investment capital from actress Rebel Wilson, Ruby Rose, and former NBA player Baron Davis.
Interestingly, Paltrow and Anderson go way back. They first crossed paths when she was 16 and he was a child, according to the New York Post. "Oh my God, you're that kid I used to babysit a lot!" Paltrow said.
"She used to change my diapers and now she supports me in selling drugs," he joked.
By March of this year, Cann expanded even more, raising $27 million from investors as marijuana legalization rolled out in states across America. Cann is currently sold in Arizona, California, Illinois, Massachusetts, Rhode Island, and Nevada.
"It's a different kind of buzz — mellow, drinkable, and especially nice for sipping in the sun," Paltrow raved.
An MJBizDaily comparative analysis of recent retail sales data was recently published and indicated that celebrity-backed marijuana brands are outperforming traditional brands.
While that may not be a surprise, the Paltrow-supported brand topped some notable pot-loving stars including Seth Rogen's Houseplant, which brings in $377,193 in monthly sales as well as Wiz Khalifa's Khalifa Kush Enterprises, which pulls in around $209,607 in monthly sales.
"From my perspective, a number of celebrity-affiliated brands have been able to find success relative to the typical California cannabis brand," Headset data analyst Mitchell Laferla told the site. "It's 2023, and influence is king. Celebrities have that equity with their fans and followers."
