Gwyneth Paltrow, celebrity and entrepreneur, has partnered her Goop lifestyle brand with MedMen. The partnership will provide Goop a curated wall of plant-touching products at MedMen’s newest recreational boutique in Venice. And that’s it … for now.
Of course, industry insiders and web-browsing cannabis enthusiasts alike can surely see the writing on the wall for the larger implications of this move. Paltrow, one of Hollywood’s most A-list celebs, has turned Goop into a consumer lifestyle juggernaut, particularly with the affluential (and aspirational) female demographic sets between the ages of 25 and 55. Dipping its toes into the cannabis scene, when Goop has an entire health and wellness-minded empire to grow, only makes sense.
For MedMen, and the cannabis industry at-large, this is yet another step towards mainstream acceptance. From politicians to pro sports leagues to now one of America’s most trusted faces/brands, cannabis is A-OK and healthy. Goop’s endorsement and partnership will be moving a lot of units off those shelves in Venice and no one should be surprised when MedMen’s other retail outlets start something similar with Goop or other celeb-driven/owned brands. Additionally for MedMen, whose valuation soared to over a billion with Captor Capital’s investment stake back in February, this deal gives them the inside track on tapping into that coveted affluent, female demographic. Let’s face it, the plant-touching industry is a male dominated one and Gwyneth Paltrow’s brand and name recognition speaks volumes to women across the country who just maybe already subscribe to one of Goop’s newsletters, follow the brand or Gwyneth Paltrow on social media, etc. While Snoop Dogg remains the “alpha Dogg” (sorry) when it comes to recreational use, followed closely by Willie Nelson and Seth Rogen(??), those are three dudes. And affluential women likely are thrilled to have a trusted and female voice explaining how to make a THC or CBD “extra-green smoothie” in a recipe post on Goop.
For Goop and Gwyneth Paltrow the big win is having trusted and established cannabis professionals handling products and (hopefully) avoiding any violations. High net worth individuals are more and more likely to make a foray into the cannabis industry and as these individuals venture into the plant-touching biz, they face a lot of complexity with navigating the federal, state and local rules and regulations as our own Dr Juli Crockett explained last week. Incidentally, one of our core disciplines is helping high net worth individuals invest in cannabis and plant-touching companies. Just sayin.
It’s a win-win-win for Goop, MedMen, and the acceptance and validation of recreational cannabis. It also may be a sign of things to come, big celebrities partnering with big cannabis companies to enhance and grow each other’s brands in a cross-cultivation that not even the most sophisticated grow labs could have conjured a decade ago.