Balloon Plant, Baloonplant, Cotton Bush, Swan Plant. The name Balloonplant is an allusion to the swelling bladder-like pods which are full of seeds. The flowers are small, with white hoods and about 1/2 inch across. The capsule is a pale green, and in shape an inflated sphere. It is covered with rough hairs. It reaches three inches in diameter. The plant is a food source for the caterpillars of Danaus butterflies, and is a specific Monarch butterfly food and habitat plant. It is also popular in traditional medicine to cure various ailments.