Barbara Corcoran started with a $1K loan, and turned that into the real estate empire, Corcoran Group. As one of the featured Sharks on ABC’s TV show, SharkTank, Barbara has invested her own hard-earned money and invested in over twenty different businesses, then guiding them to riches. So...would this shark ever dive into the cannabis space?
Is Barbara Corcoran a Cannabis Consumer?
While she's one of the more giggly sharks in the tank, she's actually not a cannabis consumer. "I tried it twice. The first time at 35 and again 10 years later. It was weird and not for me," commented Corcoran for an article in Entrepreneur last year. Just because she doesn't consume it doesn't mean she wouldn't invest, as this happens to be the case. Corcoran continued, "it's big business and I'd rather invest in it."
Corcoran's Cannabis Investment Strategy
Barbara's investment philosophy begins with the people behind the ideas, and she builds on that strong foundation with strategic growth initiatives and synergies with her existing portfolio. For instance, she has invested in a company called Daisy Cakes.
A great parlay into the cannabis space for Barbara could be to apply for or acquire a cannabis processor license in one of the legal states and then produce cannabis infused Daisy Cakes. Another idea would be for her to license the Daisy Cakes name to edibles manufacturers in legal states and get royalties for every marijuana Daisy Cake sold. So when will we see Daisy Space Cakes? Maybe never...
"I would like Daisy Cakes, one of my best investments from Shark Tank, to make marijuana cakes. Their home-cooked cakes from the south and my girl there is making tons of Daisy Cakes, doing great already. I love her, but I want her to make a marijuana cake, but she won’t do it. I advised her to, but she says it would ruin her brand. She’s mistaken."
Corcoran has been quoted saying "What’s going to destigmatize marijuana is having the old people die off. Anyone who’s under 30 believes in it.” She's not wrong. As more of the anti-weed folks go away, the plant's true potential will begin to unfold.
Maybe if Daisy Cakes won't make cannabis-infused treats, Barbara will just have to go off and start a cannabis real estate empire. With properly zoned cultivation spaces fetching more per square foot than any other type of real estate these days, we wouldn't be surprised if she did (unlike Corcoran Group, it would probably take more than $1k to start these days).