R&B Queen and multiple awarding winning singer Beyoncé has announced that she is investing in a hemp farm to obtain her own CBD. According to her, she is putting her money into the cannabis industry because of the enormous benefits she has personally derived from it.
“I discovered CBD on my last tour, and I’ve experienced its benefits for soreness and inflammation,” she said in an interview with Harper’s Bazaar magazine. “It helped with my restless nights and the agitation that comes from not being able to fall asleep.”
The Grammy award winner is not only going into the cultivation of cannabis, she is also venturing into honey, perhaps, in recognition of her fans who are referred to as the Beyhive. Just like hemp, Queen B said honey’s healing properties have benefited her and her children.
“I am now building a hemp and honey farm – I even have beehives on my roof! I’m so happy that my daughters receive examples of those rituals from me,” she revealed.
This is not the first time Beyonce is putting her money into the cannabis industry. Only that, she stands to directly benefit from this latest venture. In 2020, her BeyGood foundation collaborated with the National Association for the Advancement of Colored People (NAACP) to support a Black-owned Maryland-based cannabis firm with $10,000.
Also, her husband, Jay-Z, is the biggest investor in the cannabis industry, launching his own brand called Monogram. He launches Monogram in partnership with the largest vertically integrated cannabis company in California, Caliva.
He was also appointed as the chief visionary officer of Subversive Capital Acquisition Corp, a special-purpose company that is acquiring cannabis firms in California. The History rapper and entrepreneur will guide TPCO’s brand strategy and enlist other “leading artists and entertainers” to promote the business. He’ll leverage artists from his record label Roc Nation to help build and promote the newly-formed cannabis company.
Beyonce and Jay-Z are not the only celebrities in cannabis production. Other celebrities like Snoop Dogg, Whoopi Goldberg, Mike Tyson, and Martha Stewart have equally gone into cannabis production.
According to Marijuana Business Factbook, the hemp industry is estimated to pump up to $130 billion on an annual basis into the U.S. economy by 2024. The platform further estimates legal cannabis sales increased from $38 billion-$46 billion in 2019 to $106 billion $130 billion by 2024 – a 181% increase. And according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.