Willie Nelson secures Wall Street backing for his 'premium cannabis lifestyle brand'

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Nelson, 82, is working in partnership with the New York-based private equity firm Tuatara Capital to develop his brand
Local businesses in Colorado and Washington - the only states where it is legal to sell recreational pot - will grown and distribute his marijuana
Called Willie's Reserve, it will have its own specifications and 'quality standards' according to a joint press release from Tuatara and Nelson.
Nelson has long campaigned for the legalization of cannabis across the United States

Published: 04:51 EST, 23 September 2015 | Updated: 08:43 EST, 23 September 2015

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Country singer Willie Nelson has received Wall Street backing for his 'premium cannabis lifestyle brand'.

The 82-year-old star, who founded Willie's Reserve in 2014, has secured funding from New York-based private equity firm Tuatara Capital.

His marijuana will be grown and sold in Colorado and Washington, the only two states to have fully legalized cannabis sales.

Nelson, 82, said: 'I hear stories from people across the country about how the end of marijuana prohibition is improving their lives. Legal marijuana makes sense. Good business will prove it can work in America.'

Country singer Willie Nelson (pictured smoking marijuana in 2005) has signed a deal with an investment firm to market his own brand of the drug

An advert for Nelson's cannabis Willie's Reserve, which will be grown and sold in Washington and Colorado

Willie Nelson, pictured at a concert this year, has been a long-term pro-cannabis activist

The Roll Me Up And Smoke Me When I Die singer said Willie's Reserve will roll out to other states if they change their cannabis laws.

He added he was 'looking forward to working with the best growers in Colorado and Washington to make sure our product is the best on the market'.

His partnership with Tuatara is its first investment since launching last year. It plans to focus on cannabis-related investments, according to the Wall Street Journal.

'We're really excited to partner with someone like Willie, who embodies this spirit of American entrepreneurship and conviction to a cause,' Tuatara chief investment officer Al Foreman said in a statement.

Nelson is a well-known advocate for the legalization of cannabis and is co-chairman of the National Organization for the Reform of Marijuana Laws advisory board.

He has been arrested several times for marijuana offences, including in 2010, when a sheriff in Texas found six ounces of the drug on his tour bus. Nelson entered a 'no contest' plea to a misdemeanor charge of possession of drug paraphernalia and agreed to pay a $500 fine.

Several other American celebrities are also cashing in on Washington and Colorado's cannabis laws, which were voted on in 2012.

In Alaska, adults can now transport, buy or possess up to an ounce of marijuana and six plants. Oregon voters approved a similar measure allowing adults to posses up to an ounce of marijuana in public and eight ounces in their homes.

Several other states have decriminalized the possession of small amounts of marijuana.Others have passed medical marijuana laws allowing for limited use of cannabis.

Earlier this week, Snoop Dogg, pictured, launched his own cannabis lifestyle brand website, MerryJane.com

This week, rapper Snoop Dogg launched a new lifestyle website devoted to cannabis, claiming his respository will be an encyclopedia on the drug.

The website, merryjane.com, went live on Monday, with users registering for access.

The rapper described it as an online venue for information, insights, news and business guidance about the marijuana world and it boasts celebrity allies including actor Seth Rogen and singer Miley Cyrus.

Singer Melissa Etheridge is said to be developing marijuana-infused wine, while reality TV star and self-help guru Bethenny Frankel is working on a strain of Skinnygirl weed that won't leave users with the munchies.

However the changing legislature isn't working in favour of all celebrities. Tommy Chong — co-star of the 'Cheech and Chong' comedy team - was dropped by the National Cannabis Industry Association this year as it prepared to lobby Congress for more pot-friendly regulations.

The group said it wanted to move past the 'stoner' stereotypes they claim Chong represents.