Cannabis Entrepreneur Nancy Whiteman Makes Forbes’ Top 100 Richest Self-Made American Women
Forbes has released its annual ranking of the 100 richest self-made women in America. Closing out the list is 64-year-old Nancy Whiteman, the founder of a cannabis business who has built a significant fortune in the industry.
Nancy Whiteman Earned Over $225 Million from Cannabis
In 2010, Nancy Whiteman founded Wana Brands, which quickly became one of the largest producers of cannabinoid-infused gummies in the United States. Her success in the industry earned her the nickname “Queen of Legal Weed” in 2017. In 2021, Whiteman decided to sell her business, reaching an agreement with Canadian cannabis producer Canopy Growth to sell Wana Brands for $350 million.
According to the terms of the deal, Canopy Growth has already paid Whiteman $297.5 million in cash, with the remaining amount to be paid upon completion of the transaction. Whiteman donated $50 million to charity and paid taxes, leaving her net worth at an estimated $225 million. This placed her at number 100 on Forbes’ list of the wealthiest self-made women in America.
Forbes’ Top Three Richest Self-Made American Women
- Diane Hendricks tops the list with a net worth of $15 billion. She owns ABC Supply, a major building materials supplier.
- Judy Love, founder of the Love’s Travel Stops & Country Stores chain, ranks second with $10.2 billion.
- Judy Faulkner, founder of health IT company Epic Systems, is third with $7.4 billion.
Wana Brands: A Leader in Cannabis Edibles
Wana Brands produces 73 types of cannabinoid gummies for both medical and recreational use. For example, their Exotic Yuzu gummies contain 20 mg of THC and 40 mg of CBD per piece, along with terpenes to help relieve stress and promote relaxation. The company’s products are highly popular, with revenues reaching $115 million in 2022.
Americans Spent Billions on Cannabis Products
According to research firm Headset, edibles account for 13% of the U.S. cannabis market. Analysts estimate that Americans spent $26.2 billion on cannabis in the past year, with cannabinoid edibles making up about $3.4 billion of that total. Wana Brands holds the second-largest share of the U.S. cannabis gummy market, controlling 26% and selling nearly 100 million gummies annually.