Mike Tyson launched his marijuana products over the weekend. The former heavyweight champion broke ground on Tyson Ranch in California earlier this year in the hopes of making it big in the booming cannabis industry. In March, he reached an agreement with Nevada-based Plant 13 Holdings Inc (CSE:PLTH) where they would be the exclusive launch partner for his products in the State.
The famous boxer was on hand to promote the products and help drive customers to the store for the big launch. Tyson believes that his brand of cannabis is unique as his ranch focuses on delivering premium products and boasts of being hand trimmed and entirely free of pesticides.
– Mike Tyson
While investors and consumers might be skeptical with every company seeming to claim that their cannabis is the best, Tyson is right that quality is important. And with a big name behind a brand, it helps to add credibility to it. Even though he may not be a world-renowned cannabis expert, it’s still his name and reputation behind the products and that gives them a bit of an advantage in an industry where trust is important.
Trusting that THC and CBD levels are where they should be is just part of the equation, and the cannabis being produced under good conditions versus the black market is going to be another big consideration for consumers as well. Especially when it comes to medical marijuana patients looking for pain relief, having the wrong dosage or a bad-quality strain could be ineffective and do more harm than good.
That’s why building trust is an important part of that. And it’s clear by looking at Tyson Ranch’s Instagram page that the brand is clearly focusing on a tidy, professional image. The next step, however, is seeing what customers actually think of the quality of Tyson’s products and how popular they really are. His popularity will help bring in customers, but whether they come back and keep buying the products will depend on just how good and effective they are.
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For Planet 13, which has seen tremendous sales growth in just a few months, it gives The Company a big advantage over competitors by having a big name like Tyson in the fold. And it’s a strategy we’ve seen deployed by other companies as well, most recently being Canopy Growth Corp (TSX:WEED)(NYSE:CGC) partnering with Seth Rogen and his company, Houseplant. Adding notoriety certainly helps build the brands by reaching more customers and tapping into different fanbases.
There are still many big names that we’ll likely see jump on board and get involved in the industry as it continues to rise in popularity and revenues as well. While many people may still be hesitant and not want to be associated with marijuana just yet, we’ve seen a lot of people change their attitudes on cannabis over the years. As there is more acceptance growing around the world for marijuana, more celebrities will likely be joining the green rush.
