NEWS

Miley Cyrus Investing ‘Tens Of Millions’ Into Pot Businesses?

Truth rating: 1
Miley Cyrus smiles in a ruffled red dress with red lipstick

By Griffin Matis |

Miley Cyrus smiles in a ruffled red dress with red lipstick

(Getty Images)

Is Miley Cyrus investing tens of millions of dollars into the cannabis industry? That’s the outrageous claim in one tabloid this week. Gossip Cop looked into the report and found it false.

Along with a fair amount of eye-roll-inducing wordplay about marijuana, the Globe alleges that Cyrus is now “addicted to the pot biz” after a series of investments into various cannabis companies. “She’s sinking tens of millions into ventures, including the sponsorship of new cafes, funding for weed farms and training specialists,” an unidentified insider tells the magazine. “People thought it was a big joke when Miley backed Lowell Farms, but she sees huge potential here to dominate the cannabis world among young people.”

Cyrus has in fact invested in Lowell Farms, more formally known as Lowell Farms: A Cannabis Cafe, which is one of the eight businesses awarded a cannabis consumption area license by the city of West Hollywood. The location gives cannabis consumers a place to enjoy the drug in public in much the same way a bar operates. The tabloid adds that “by linking her name to the eatery,” Cyrus has turned the cafe into a “tourist attraction with lines around the block,” the tipster says.

Gossip Cop checked in with an individual in the singer’s camp, who tells us the tabloid’s story is far-fetched and untrue. While it is true that Cyrus has invested some of her money into the pot world, it would’ve made news in the investment world if she was really pouring tens of millions into the cannabis sector. The tabloid and its “source” clearly don’t understand how marijuana is viewed by investors and the public in general.

First off, Lowell Farms is the very first “weed cafe” to open in the country. Seven other similar business are projected to open next year, but as of now, Lowell is the only one in its industry to have a location in operation. As Los Angeleno pointed out in their coverage of the establishment’s opening, the cafe was highly anticipated by thousands of eager cannabis fans and was the product of several savvy business owners and investors. Noticeably absent in the publication’s write-up, however, is Cyrus’ name. Had she funneled an enormous amount of money into the cafe, it would’ve been mentioned.

Plus, it’s sort of ridiculous to claim that Cyrus’ cannabis investments were the subject of ridicule. Sure, there were plenty of jokes about idea of a pop star investing in the marijuana business, but the attractiveness of pot-adjacent investments has been known for a while. There’s been somewhere around $9 billion invested in the industry since the start of the year, and there’s no sign of slowed interest. While we’re sure her investments have paid off, Cyrus wasn’t exactly alone in thinking that the legal weed sector had “huge potential.” If the outlet or its source couldn’t bother to look into the veracity of its statements, there’s no reason to bother listening to them in the first place.

Cyrus’ bold and occasionally controversial behavior has inspired a number of bizarre stories about her personal life. Just last month, Gossip Cop busted the National Enquirer, one of the Globe‘s sister publications, for an outlandish article about Cyrus’ family thinking she’s possessed. In October, another sister publication, Life & Style, falsely claimed Cyrus was already investing in a love nest to share with her now ex-girlfriend Kaitlynn Carter. Regardless, Gossip Cop will continue to call out these mistruths and rumors as they appear.

Sources

Karel, Danny. "America’s First Weed Cafe Opened, But Not Everyone’s Happy About It." Los Angeleno, 11 Oct. 2109.

Hasse, Javier. "How to invest in marijuana stocks." Chicago Tribune, 12 Sep. 2019.

Scott, Hugh. "Miley Cyrus’ Family Believes She’s Been Possessed By The Devil?" Gossip Cop, 24 Oct. 2019.

Matis, Griffin. "Miley Cyrus And Kaitlynn Carter Buying ‘Love Nest’?" Gossip Cop, 19 Sep. 2019.