Chris Webber, a former NBA star and Michigan native, is bringing his cannabis company to Detroit. The company will invest $175 million in the city and create 1,000 jobs.
The chris webber net worth is a cannabis company that is going to be opening in southwest Detroit. It will be called the Michigan Fab Five and it will have a $175M compound.
Chris Webber, a former Michigan basketball and NBA player who grew up in Detroit, plans to build a marijuana “complex” in southwest Detroit that will contain a marijuana operations and training facility, a growing facility, a dispensary, and a cannabis consumption lounge.
Webber broke ground on the Webber Wellness Compound, a 180,000-square-foot, $50 million facility, on Tuesday. Players Only Holdings, a company co-founded by Webber and businesswoman Lavetta Willis, owns the complex. (Detroit Free Press photo by F.Dozier)
The crop will ultimately be extended by 80,000 square feet, which would cost $125 million. The first phase will be finished in March 2022. The expansion’s second phase has no set date.
Webber said, “This is my top priority in life.” “I’ve seen who (Willis) and I have aided throughout the nation, as well as the lives that cannabis has disturbed. Hopefully, we’ll be able to make some minor repairs. Hopefully, we will be able to assist the city.”
Following the establishment of a $100 million private equity cannabis fund in February to invest in Black and minority-owned companies and brands in the cannabis industry, Tuesday’s announcement marks the first concrete step. The fund was founded by Webber, Willis, and Jason Wild of JW Asset Management, a hedge fund with over $1 billion in assets under management.
It also marks Webber’s return to Michigan, where he has worked on projects for the last 20 years or so “However, I need to be at home in order to complete the bigger projects. It’s wonderful to be back home and a part of all the wonderful things.”
Webber was born and raised in Detroit, where he graduated from Detroit Country Day High School. He played basketball for the University of Michigan before moving on to the NBA, where he played for the Golden State Warriors, Sacramento Kings, and Detroit Pistons, among others.
Cookies U, a career training and placement organization that targets students from minority and underrepresented areas, will conduct the training program. According to Webber, the school will be a three-month rigorous program that would prepare students for a variety of professions ranging from budtending (selling cannabis) to marijuana cultivation.
Webber said the building would include record expungement offices for anybody who wants them, even if they don’t intend to work in the cannabis business.
Webber and Willis’ Players Only-branded cannabis products will be distributed by Gage Growth Corp. Just off Michigan Avenue, at 2599 22nd St., the complex will be built.
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