By Gary J. Nix
- Snoop Dogg has found a “new high” as he dips his foot in hemp-infused beverages
- The global cannabis beverages market is set to hit new highs of $20B by the close of the year
Snoop Dogg, known for his affinity for smoking cannabis, has recently shifted his focus from smoking to sipping. He has invested heavily into this specific industry beginning with Leafs by Snoop in 2015. The iconic rapper and cannabis enthusiast, takes a new step in his journey by partnering with Hill Beverage Co. to introduce hemp-infused beverages to the market dubbed Do It Fluid.
Why This Matters: We’ve seen the prevalence of cannabis and its byproducts grow steadily at least over the last three decades. Despite the legal challenges the cannabis beverage category faces, it continues to expand, with industry leaders investing heavily in this space and the government racking big bucks in weed taxes. In fact, CBD sales across all markets are forecast to reach $20 billion by the end of 2024. By making this transition, he not only broadens his product offerings but also taps into a different market segment.
The growth of products that acknowledge the safeties connected to cannabis consumption both create new opportunities for the industry and make the industry more attractive to investors and consumers. Secondly, according to global cannabis market research firm, BDSA, the share of the money spent on food and beverage in the CBD space is on the rise and Snoop was already on that wave. In 2022, he collaborated with TSUmo for the launch of Snazzle O’s, a THC-infused take on Funyuns that claims to contain more onion flavor and more fun. It is clear that all signs are pointing towards rapid and consistent growth for the global cannabinoids industry and the proliferation of cannabinoid use cases is sure to drive that forward.
Situational Awareness: We appear to be in the midst of a worldwide cultural shift with the speed at which things are happening within this industry. It’s also a peep into a simple yet profound branding masterclass. Snoop’s strategic business move showcases adaptability, brand evolution, and a commitment to staying ahead of market trends. If you are going to partner with or get someone to endorse a product within any specific category, starting with someone who is in some way synonymous with said category shows a level of precision bound for success.
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