by Matthew Kittay, William Bogot, Joshua Horn, and Michael Reinert, Attorneys at Fox Rothschild LLP
As cannabis brands expand nationally in the United States, and the industry begins to consolidate, it is not a surprise that enterprises are looking to distinguish their products on the shelves and in the mind of the consumer. Leveraging a “celebrity” brand – whether athlete, influencer, musician, film or television star, or just about anyone with a following, is a typical strategy. From the celebrity’s perspective, it can also be a meaningful way to expand and monetize their image. However, as is the case in any product or lifestyle association, all elements must be weighted carefully with regards to the over-all image and brand of the celebrity in question. While there may be financial rewards in the short run, there must also be consideration of the total effects on the name and marketability of the persona to the public.
With emergence of the legal cannabis market over the last decade, we have had the opportunity to see relationships develop from both the celebrity and brand partners perspectives. It can be a challenge, but a successful relationship can accelerate the opportunity for all parties. On the other hand, a misstep can damage both the cannabis brand and the celebrity brand.
A thoughtful approach that combines the right brand with the right celebrity – plus careful crafting of a deal that will work, is often the recipe for success.
Here are aspects that we have found critical to consider:
About The Authors
Joshua Horn is co-chair of Fox Rothschild’s Cannabis Law Practice Group. He can be reached at [email protected].
William Bogot is co-chair of Fox Rothschild’s Cannabis Law Practice Group. He can be reached at [email protected].
Michael Reinert is a senior partner in Fox Rothschild’s Entertainment Practice Group. He can be reached at [email protected].
Matthew R. Kittay is the Co-Chair of the Mergers & Acquisitions Practice Group and Chair of the New York Corporate Team at Fox Rothschild LLP. He has handled major structuring deals and secured private equity and venture capital for a number of companies in the cannabis sector. He can be reached at [email protected].
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