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The ultimate celebrity side hustle

The CBD industry is one of the fastest growing industries in the US and is valued at $5.18 billion in 2021. It’s expected to grow at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030, so it’s no wonder celebrities and athletes want a piece of the CBD pie.

According to Steven Hoffman, CEO of Compass Natural, some of CBD’s biggest fans are professional athletes and entertainers at the highest level. “Many have become users of CBD products and outspoken advocates, touting the reported benefits of hemp extract in the context of recovery, the stress of travel, and other unique physical and mental needs of peak performance.”

Cannabidiol Collaborations

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With CBD partnerships like Alex Morgan, Carli Lloyd and Rob Gronkowski with CBDMEDIC, Martha Stewart with Canopy Growth, Megan Rapinoe with Mendi, Nicole Kidman with SeraLabs, celebrities are jumping at the opportunity.

“The increase in parasocial relationships, caused by social media giving everyone more access, is a Catch 22 for celebrities. It’s this love and trust for celebrities, combined with the ease of launching and marketing dietary supplements, that has created a surplus of celebrity-endorsed CBD brands.” ​explained Joshua Schall, CPG industry strategist at J. Schall Consulting. “However, that doesn’t guarantee success in the CBD market, as the ability to easily articulate and aestheticize one’s defining personality traits is a skill that’s becoming more important by the day. That being said, I truly believe that the right celebrity, used in the right way to promote the right product, can be a really powerful brand attribute in today’s CPG market.”

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