NBA Hall Of Famer Chris Webber's $175M Cannabis Venture Faces Challenges, But He's Not Backing Down
Portfolio Pulse from Joana Scopel
NBA Hall of Famer Chris Webber's $175 million cannabis development in Detroit has been stalled for nearly two years due to challenging market conditions, including a 56% plunge in marijuana prices. The project, under the banner of Players Only, was planned to include an industry training complex, a cultivation site, a consumption lounge, and a dispensary. Webber is planning to revise the development plans, likely resulting in a scaled-down project. Webber's business partnership with Gage Cannabis, a subsidiary of TerrAscend Corp., operates Cookies-branded stores in the state.
July 26, 2023 | 9:04 pm
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NEGATIVE IMPACT
TerrAscend Corp., which operates Cookies-branded stores in Michigan in partnership with Chris Webber, may be indirectly affected by the challenges faced by Webber's cannabis development project.
The challenges faced by Chris Webber's cannabis development project, including a significant drop in marijuana prices, could potentially impact TerrAscend Corp.'s operations in Michigan, where it operates Cookies-branded stores in partnership with Webber.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
TerrAscend Corp., which operates Cookies-branded stores in Michigan in partnership with Chris Webber, may be indirectly affected by the challenges faced by Webber's cannabis development project.
The challenges faced by Chris Webber's cannabis development project, including a significant drop in marijuana prices, could potentially impact TerrAscend Corp.'s operations in Michigan, where it operates Cookies-branded stores in partnership with Webber.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70