“Cannabis” has remained an integral part of human civilization across the centuries. From being used for its medicinal properties to getting a recreational “high,” it has played a crucial role in the evolution of human society. However, the late 70s brought a new form of challenge to the cannabis industry in the form of the war on drugs waged by then-US president Richard Nixon.
But things evolved when people took to the streets in a new emerging cannabis legalization movement. Fast forward to today, cannabis products in the form of CBD gummies and pre-rolls have become a daily part of wellness routines for millions of people globally. Behind this growing recreational and medical cannabis industry are some of the wealthiest personalities in the world.
They have funded protests, opened brands, and contributed to medical research proving the efficacy and safety of cannabis for people from all walks of life. Let’s look in-depth at some of the richest people in the cannabis industry and how they shaped its trajectory from something illegal to a good thing for your health.
Boris Jordan
Boris Jordan is an American investor and billionaire of Russian roots. He started as a financier in Russian markets during the 1990s chaotic era when the Cold War transition was happening in the region. He played a critical role in the establishment of Russian stock markets by supporting the government in the privatization of state-owned assets.
He moved to the cannabis industry and founded Curaleaf in 2010. Under his leadership, Curaleaf executed more than 23 mergers and acquisitions, making it the biggest cannabis company by revenue in 2020. Boris is famous for his cutthroat approach, and his net worth is around $1.6 billion.
Kim Rivers
Known as the Southern cannabis queen, Kim Rivers is a former Florida-based lawyer and founder of the cannabis brand Trulieve. She saw an opportunity in the legal loopholes of the medical cannabis industry in 2014 when the moment was just picking up.
She lobbied politicians to grant her first license, and by 2020, almost 70% of Florida’s medical marijuana sales started happening through Trulieve stores.
In 2022 her husband was accused of insider trading, and she publicly fired him, showcasing that Trulieve’s management has no scope for cheaters. She believes that cannabis should be treated like Tylenol, boring yet essential. Her net worth is around $75 million, and currently, she is expanding her operations in conservative states. According to her, red tape is nothing but an opportunity in disguise.
Brendan Kennedy
Brendan Kennedy is an American businessman who started his journey as a tech investor and banker. In 2011, he transitioned to the cannabis industry and co-founded Privateer Holding along with two other billionaires, Christian Groh and Michael Blue. Headquartered in Seattle, Privateer Holdings acts as a private equity firm that invests in cannabis businesses all across the world.
Brendan is also the founder of Tilray, a unique cannabis lifestyle company operating in the pharmaceutical space. Under his leadership, Tilray went through various strategic partnerships and acquisitions with brands like Sandoz, Manitoba Harvest, Natura Naturals Holdings, Smith & Sinclair, and more.
In 2019, he merged Privateer Holdings with Tilray, making a new behemoth in the Pharma + Cannabis industry. Brendan’s net worth is around $112 million.
Steve DeAngelo
You may not call him the richest, but he does have the biggest heart. Yes, that’s Steve DeAngelo, who founded the cannabis company “Harborside” in 2006, an era when most such establishments were getting raided and shut down by the Feds.
DeAngelo is a true hippie activist who advocated for the medical benefits of cannabis throughout his life. People often call him the Robin Hood of Weed, as he offers weed for free to low-income patients.
Whatever profit his other ventures (Steep Hill, Arcview Group) earn gets used to bring people on cannabis convictions out of jail and fund ongoing medical cannabis research. He says that true wealth is not in banks; it’s in communities. He is one of the biggest advocates for cannabis reforms in the USA and believes that cannabis can save millions of lives. His net worth is around $100 million.
Ben Kovler
Ben Kovler often flies under the radar in the glorious world of cannabis millionaires. He is heir to the vast empire of the world-famous whiskey Jim Beam and the founder and CEO of cannabis brand Green Thumb Industries. He found success by turning abandoned factories in Chicago into cannabis grow houses.
In 2020, recreational use became legal in many states and tripled his venture’s revenue overnight. Green Thumb Industries is a large-scale grower that makes its own THC-infused vape cartridges and gummies, which are sold through a vast network of dispensaries in the Empire State. Ben is actively working to bring cannabis more mainstream by pushing the FDA to approve cannabis-based antidepressants.
Nancy Whiteman
Boasting a net worth of more than $225 million, Nancy Whiteman is one of the fastest women entrepreneurs in the cannabis industry. She left her cozy six-figure consulting job in 2010 to start the cannabis edible brand “Wana.” She’s a proud self-made millionaire, spreading both joy and wellness through her fast-acting, nano-tech-based gummies. Canopy Growth acquired her venture in 2021, but she’s still the CEO.
They are now expanding their operations in Mexico and Israel. She also funds other women-led businesses and guides them to grow in male-dominated spaces. She got interested in cannabis when a parent of her daughter’s friend hinted about working in an illicit industry back then. Ever since she started this venture, recreational cannabis has become legal in more than 24 states now.
Our Final Take
Well, that’s a wrap, and we hope you had fun reading about people who made their fortune by popularizing cannabis for medical and recreational use. These plant-based products are now replacing traditional pain and anxiety meds in millions of households.
Both CBD and THC-based gummies and oils have become quite popular in the last few years. However, recreational use is allowed in only 24 states as of now. In the rest of the states, the best way to experience cannabis’ healing effect is to go with non-psychoactive options like Colorado Botanical’s happy mood gummies.
