As Miley Cyrus gears up for her upcoming album release later this month, there’s been a ton of speculation and talk about the singer’s career and future. Meanwhile, we reached the year anniversary of one outrageous rumor about Cyrus’ investments outside of the music industry and wanted to take a look at the claims to see what’s changed. As it turns out, quite a bit can change in the pot business over a few months.
The Globe published the original piece of gossip that argued that Cyrus was dumping millions upon millions of dollars into the cannabis industry, and she was making waves with her endorsements. The whole thing seemed to absolutely delight in poking fun at Cyrus’ stoner reputation, arguing that she was "addicted to the pot biz." Despite the ongoing jokes at her expense, the tabloid made some serious claims about the stature of the pop star’s pot investments. The magazine’s anonymous Hollywood insider reported that she was pouring quite a bit of cash into the sector. They told the outlet,
She's sinking tens of millions into ventures, including the sponsorship of new cafes, funding for weed farms and training specialists.
The most intriguing part of the story was Cyrus’ connection with the opening of California’s first weed-friendly restaurant. Cyrus is an investor in Lowell Farms, a cannabis producer and the original sponsor of what’s now known as the Cannabis Cafe. "By linking her name to the eatery," the unknown tipster explained, she’d manage to turn the low-key cafe into a "tourist attraction with lines around the block." Miley Cyrus is massively popular, don’t get us wrong, but it still seems a little weird to essentially say that she’s a bigger draw than the first restaurant in the state that serves both cannabis and cookies. The source concluded with a bold declaration:
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.
There were numerous reasons why the report seemed so sketchy. For one, there was pretty much zero mention of Cyrus in the massive amounts of coverage preceding the Cannabis Cafe’s grand opening. Like we said, it’s a pretty odd choice to think that a pop star is more of a draw than pot — especially considering the fact that only one of those was guaranteed to be available at the cafe.
More importantly, it’s now even more obvious how little insight the tabloid and its source have when it comes to both celebrities and business. Despite the tipsters’ insistence that Cyrus was the main attraction due to her Lowell Farms investments, the cafe actually split with the cannabis company not long after its launch. Shortly after that, the now-rebranded Original Cannabis Cafe was named the Surprise of the Year by Eater, and once again, no mention of Cyrus was made. The only one drawing attention to the weak-at-best connection was the tabloid.
Miley Cyrus also put the brakes on her smoking, telling Variety this past June that she’d been sober for months. Without a pot or business connection to the cafe, there’s basically nothing left to connect this story with reality besides the fact that Cyrus had put some money into the industry.
Either the magazine or its source wasn’t all that aware of how investments work. Miley Cyrus is far from the only celebrity who’s joined with the millions of other cannabis investors, and with good reason. The industry is expected to have brought in somewhere around $15 billion before the end of this year, which is both a sign of incredible growth and smart investing on the part of Cyrus, Martha Stewart, Whoopi Goldberg, Melissa Etheridge, and countless other big names. Cyrus isn’t becoming a cannabis CEO or funneling all of her fortune into the industry, as the original tabloid tale implied.
Given that the original rumor couldn't even settle on a figure for her flower-related finances, it's clear that the story was built entirely on a weak punchline about pot. Seeing as how we certainly didn't find it all that amusing, the rest of the article can be summed up as borderline insulting to an industry that likely has already eclipsed the tabloids. Cyrus certainly seems to have become borderline untouchable for the gossip magazines, and despite their attempts at dragging her down, her latest album rollout has rightfully drawn a whole lot more attention than her finances or even her personal life. We expect both her pot and professional investments to pay out handsomely.