Let’s face it, if you’re going to take anyone’s celebrity endorsement on what strain you should be smoking, no one knows cannabis better than Snoop Dogg. The Long Beach-based rapper and cannabis entrepreneur recently unveiled his own line of marijuana products, “Leafs by Snoop”, and has been working on spreading his brand through Canada, a country on the verge of legalizing cannabis on a nationwide scale.
That is why Snoop has decided to team up with the Ontario-based company Canopy Growth Corp., the parent company of the immensely popular Canadian cannabis company Tweed Inc. Since teaming up with Snoop, Canopy Growth has seen their stock value skyrocket to record-breaking levels, and they attribute much of that to their recent collaboration.
After unveiling that Tweed would begin selling three varieties of cannabis under the “Leafs by Snoop” brand, their market value soared as much as 17 percent and was up 9.2 percent to C$5.44 in Toronto trading this morning. Overall, their shares have climbed 84 percent this year, which means they are on track for a third straight year with overall gain.
“Snoop is much more than an artist, entertainer and entrepreneur,” said Mark Zekulin, president of Tweed, in a press release. “He’s also one of the most trusted voices in cannabis the world over. We’re welcoming a cannabis culture icon into the Canadian industry.”
The announcement of the collaboration took place back in February, and the two parties have been working on product development ever since. The partnership has even caused a rise in value of Canada’s smaller-scale cannabis producers, such as the Vancouver-based Aurora Cannabis Inc., whose stock value jumped up a whopping 58% during a four-day period. Snoop’s cannabis products are also available in Colorado, but could find his biggest consumer base in Canada thanks to their pending legalization, which was a platform that their current Prime Minister Justin Trudeau famously ran on.
When we spoke to Tweed’s Mark Zekulin last week, he was noticeably excited for the ongoing collaboration with Snoop, and even went so far to hint that the duo might develop a proprietary strain or two together. Needless to say, Snoop’s involvement in Canada’s cannabis industry is clearly a major win for everyone involved.