As a player on the Sacramento Kings at the time, the medical marijuana industry was exploding in California. But then a doctor suggested he try medical marijuana. He thought that was the “beginning of the end of my career,” Webber says.Īfter surgery, he was put on pain killers, anti-inflammatory medication, and other pharmaceuticals. He went for an alley-oop and felt like someone kicked him in the knee. At the height of his 15-year basketball career he suffered a knee injury while playing against the Dallas Mavericks during the second game of the 2003 Western Conference Semifinals. The first time Webber got into cannabis, he says, was when he was 29 years old. The son of a Sunday school teacher and a church deacon, Webber didn’t grow up smoking pot. Gage has partnered with Players Only to run its cultivation site.Ĭannabis Competitor: Webber says medical marijuana was part of his therapy after a knee injury during a game in 2003. His company Terrascend inked a deal earlier this month to buy Michigan-based Gage Growth Corp, for $545 million. Wild also runs a hedge fund with over $2 billion in assets under management. The majority of cannabis companies are run and owned by white people, with less than 10% run by Black and Hispanic people. Webber has teamed up with Jason Wild, a former pharmacist turned cannabis investor and CEO of Terrascend, to launch a $100 million private equity fund focused on investing in companies led by entrepreneurs of color. The NBA legend is also investing in others. Webber says his goal with Players Only is simple: “We're just really trying to be profitable, address the ills of the past, get a diverse group together and go out with a bunch of fun and inspire people,” he says. By 2025, McGinley says that the state will be the sixth largest in the country with $2.5 billion in annual sales. According to estimates by Matt McGinley, an analyst who covers the industry at Needham, Michigan made $985 million in marijuana sales last year. Michigan is the eighth largest cannabis market in the U.S. Webber has other cannabis investments, and he says in total he’s put in tens of millions of dollars into marijuana. over the next two years, the first being in Detroit. Now Willis and Webber plan to expand Players Only to 10 retail locations across the U.S. She brought him in as an owner of Dada and he started wearing the kicks on the court. Willis had started a sneaker company called Dada Supreme and was looking to partner with a player. Webber first met Willis while he was playing basketball. Webber started Webber Wellness, the parent company through which he runs his cannabis business, in 2015 after teaming up with his longtime business partner Levetta Willis. “If I can do that for others, then I've done my job.” “I want to help people like my father and mother, people who love their family, who protect their family, who put food on the table and make Detroit a better place,” says Webber. His mother, sitting right next to him, would study for her Masters degree. At the dinner table every night, his father, who grew up in Mississippi and didn’t go to high school, studied for his GED. Webber was raised by his mother, who taught in Detroit’s public school system for 30 years, and his father, who worked at General Motors’ Poletown factory for three decades. The GED program was inspired by Webber’s family. The program will be a partnership between Medgar Evers College, which is based in Brooklyn, New York, and Cookies U. There will also be a free GED program at the Webber Wellness Conservatory.
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