NFL great Joe Montana led a $75-million fundraising round for Caliva, Bloomberg reports, in what is shaping up to be a big NFL-cannabis news week. Joining the fundraising touchdown was former Yahoo! CEO, Carol Bartz, who will also be joining Caliva’s board of directors in a move that mirrors a tactic from Beau Wrigley and Surterra last summer.
Caliva Plans To Use Funds To Improve Distribution and Product Development
Caliva, already a leader in the California legalized market, plans to strengthen its distribution network, diversify product lines by developing a beverage and lotion, and open a few more retail locations in the Golden State with this first round of outside fundraising. For Caliva the diversification, bolstering, and expansion only make sense as they look to not only strengthen their presence in California but also launch a global brand from their home state. Canopy Growth, following its massive investment from Constellation last summer, developed a similar tack.
Joe Montana’s Caliva Investment Continues Celeb-Investor Trend
Montana’s investment continues an ongoing trend of celebrity investments within the plant-touching industry. Montana join celebs such as musicians Melissa Etheridge, Jimmy Buffett, athletes such as Cliff Robinson and also former Speaker of the House John Boehner. While it can be a little easy to dismiss these investments as stunts, there’s far more substance than flash to many of them. With many celebs looking to not only invest in an industry they believe in but also seek a way to diversify and “grow the brand” of their own celebdom. Etheridge’s Etheridge Farms in particular has done gangbusters and the woman herself has become a powerful advocate for legalization in addition to a coveted speaker at national cannabis events and trade shows. Buffett, too, in his licensing agreement with Surterra, has done well with himself by investing in a strong company, but also by doubling down on Surterra (and his own) strategy of targeting baby boomers as a consumer base.
More so? Continuing celebrity endorsements is a strong indicator that more and more of the biggest consumer groups, in addition to states actually legalizing, are ready to buy-in on adult-use and medical legalization. The wave crests ever higher in other words.