Nick Lachey From 98 Degrees Might Score Big On Ohio Marijuana Legalization
With the Nov.3 vote to legalize pot in Ohio, Nick Lachey could go from former boy band front man to a marijuana kingpin . The former 98 Degrees singer and Cincinnati native could stand to gain due to his co-ownership of a 29-acre property outside Akron, according to The Washington Post.
Lachey, whose disastrous marriage to Jessica Simpson was documented on MTV’s Newlyweds, is part of pro-marijuana coalition that’s looking to legalize pot in the Buckeye State. The group, which also includes fashion designer Nanette Lepore and Arizona Cardinals defensive end Frostee Rucker, owns 10 farms that, if Ohioans vote yes, would be used to grow weed and exclusively supply 1,110 state-regulated marijuana shops. Each member of the group paid $4 million to underwrite the ballot campaign and an estimated $10 million to purchase the land and get operations going, according to The Washington Post.
Those farms could sell $1.1 billion worth of pot every year, according to a June 2015 study from the Marijuana Policies of Ohio Taskforce. That’s an ambitious estimate, compared to what Colorado has earned in its two years of selling legal marijuana in specially licensed stores. In the first eight months of 2015, Coloradans spent almost $640 million on weed, according to data from the Colorado Department of Revenue. Last year, the state had over $699 million in recreational and medical pot sales.
But Lachey and his fellow prospective pot farmers aren’t the only ones who could score big on legalization. Ohio’s state budget office estimated that it could make nearly $300 million in tax revenue, according to The Columbus Dispatch. That figure is based on legal sales of $2 billion a year, according to the Ohio Office of Budget and Management . Colorado has made $86.7 million in 2015 from taxes on recreational and medical marijuana, a $10 million increase from last year, according to The Denver Post.
Lachey could join a growing list of celebrities who made large profits from starting their own business . Forbes reported that Sin City star Jessica Alba made $200 million from her ownership of The Honest Company, an initiative that sells non-toxic household goods and is worth $1 billion. Rapper Dr. Dre earned $500 million in May 2014, when Apple bought Beats, the company he cofounded with Jimmy Iovine.
Will it be "Newlyweeds" for Lachey and his pot-farmer friends?