The NBA took a major step forward this week by allowing players to invest in and promote cannabis brands.
Michele Roberts, a former executive director of the NBA Players Association and now a member of the board of directors at Cresco Labs (CRLBF(opens in new tab)), previously predicted that NBA would consider changing its policies around cannabis.
As of the terms listed in the leagues’ new collective bargaining agreement, cannabis will also be removed from the banned substances list for players. This is a welcome change for a cannabis industry seeking additional sources of capital while it continues to erode the old-world stigmas created by previous generations.
We’ve seen a number of professional athletes getting involved in the cannabis industry after their sports careers. They are a group that is keen on the benefits cannabis provides for pain and inflammatory management, and many are also passionate about making a difference. Former NBA veteran Al Harrington’s Viola Brands(opens in new tab) immediately comes to mind as a trailblazer here. We’re excited to welcome more athletes, especially those as passionate about building their brands and business ventures as they are about their active profession.