NBA Players Could Be a Source of Capital for Cannabis

April 21, 2023 · Green Market Report

At a time when capital is drying up in the cannabis industry, Cresco Labs (OTC: CRLBF) board member Michele Roberts says there’s a new potential pool of investors — professional basketball players.

The new NBA players union contract specifically allows players to invest in cannabis companies, Roberts said during an interview today at the Cannabis Innovation Lab at 1871.

Roberts, who was executive director of the National Basketball Players Association for eight years, says she always encouraged players to become investors in companies as a way to prepare financially for life after their playing days were over.

“Players are the largest group of Black millionaires on the planet, and they have disposable income,” she told 1871 CEO Betsy Ziegler. “They are being approached . . . and they want to invest.”

Several former NBA players already have invested in the cannabis industry, including Al Harrington and Chris Webber.

Diversity is a major issue in the cannabis industry, where it’s estimated that Black owners make up about 2% of total ownership.

Roberts says passage of legislation called the SAFE Banking Act, which would open up banking and potential investment, would be the biggest catalyst for diversifying ownership.

“The opportunities for entry are limited until SAFE Banking is passed,” she said. (Full Story)

In category:Sports
Next Post

Nevada Sports Regulators Send Proposal To Stop Penalizing Fighters Over Marijuana To The Governor

Nevada sports regulators have voted to send a proposed regulatory amendment to the governor that would formally protect athletes from being penalized over using or possessing marijuana in compliance with state law. The Nevada State Athletic Commission (NSAC) met on Tuesday to…
Previous Post

Snoop Dogg Applauds NBA For New Marijuana Policy, Saying Players Should Have Opioid Alternative

Marijuana icon Snoop Dogg is applauding the National Basketball Association (NBA) over reports that it plans to drop cannabis like it’s hot from the league’s banned substances list for players. The rapper weighed in on the policy change during an appearance on…
Random Post

Nebraska ramps up delta-8 THC crackdown with retailer lawsuits

Nebraska’s attorney general filed several consumer-protection lawsuits in another effort to clamp down on sales of hemp-derived delta-8 THC products. The lawsuits target delta-8 THC retailers in 10 counties, and the AG also issued a warning about the alleged risks of the…
Random Post

'Like Snoop Dogg's living room': Smell of pot wafts over notorious U.S. Open court

It’s become a stink at the U.S. Open: a pungent marijuana smell that wafted over an outer court, clouded the concentration of one of the world’s top players and left the impression there’s no place left to escape the unofficial…
Random Post

6 Outside-the-Box Retail Strategies

The past fifteen years have seen a major shakeup in brick-and-mortar retail. Changes in consumer spending, the emergence of ecommerce, and a shift toward the experience economy ushered in what was famously (and perhaps overly dramatically) dubbed the “retail apocalypse.” The…
Random Post

Cookies cuts ties with its lone San Francisco marijuana store

Cookies, the most recognizable brand in cannabis, traces its origins to San Francisco and the pre-legalization marijuana underground in the city that’s considered by many to be the birthplace of the legal industry in America. But as of earlier this…