Elon Musk, CEO of Tesla Inc. and SpaceX, is no stranger to making headlines with his nonchalant attitude toward marijuana. On April 17, Musk’s aerospace company SpaceX recently postponed the first orbital flight of Starship, the rocket with which Musk has promised to revisit the moon and conquer Mars. Then the company announced via a tweet that it would attempt this historic flight on April 20, a day known for its significance among marijuana enthusiasts.
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It’s not the first time Musk has been associated with cannabis culture — he previously was seen smoking a joint on “The Joe Rogan Experience” podcast.
While Musk’s recent 4/20 wink to smokers was a lighthearted moment, it also highlighted a serious question: Can CEOs get away with smoking pot?
According to a Fortune article, Musk is just one of several business leaders who have been open about using cannabis. Others include British entrepreneur Sir Richard Branson, the late Apple Inc. Co-Founder Steve Jobs and George Zimmer, founder of Men’s Wearhouse. Some, like Branson and Jobs, acknowledged indulging in recreational marijuana at some point, while others, like Zimmer, have been outspoken advocates for legalization.
The extent to which CEOs can openly acknowledge their marijuana use without suffering consequences, such as termination from their positions, is primarily determined by the culture and demographics of the companies they lead.
Company founders with a visionary aura and greater influence over their company’s board of directors, like Branson and Jobs, may have more license to discuss what they consume in private, while CEOs of older companies may face more scrutiny.
Changing Attitudes and Markets
As attitudes toward cannabis become more accepting, both public companies and startup are seeing more acceptance in the market. Larger tobacco companies like Phillip Morris International Inc. and Altria Group Inc. have explored or begun entering the markets in recent years. Chow420 is taking steps to promote transparency in the industry by verifying the authenticity and accuracy of cannabis and CBD products through blockchain technology. The startup is launching a chain of autonomous dispensaries across the north east, and pioneering a number of innovative industries in the cannabis and CBD space. The startup recently launched on StartEngine, which means anyone can invest for a limited time, after previously raising $1.7 million on the platform.
“Old-school executives have made much worse decisions over two-martini lunches than anyone is making because of smoking marijuana every once in a while,” said , global managing partner at DHR International. But it’s different for startup founders who have a more visionary aura and greater influence over their companies’ boards of directors. As a result, many of the limited number of CEOs who have admitted to marijuana use have been company founders, rather than those who climbed the corporate ladder.
H/T: finance.yahoo.com
