WWE News: Shane McMahon invested $500k in a legal marijuana company
The investment didn't go as planned though...
What's the story?
The New York Daily News reported on a business venture of current Smackdown Live's Commissioner, Shane McMahon. The reports suggest that McMahon invested in an upstart cannabis company in Connecticut a couple of years ago
In case you didn't know...
Shane McMahon was heavily involved in business ventures while he was on hiatus for seven years from the WWE. He is the CEO of China Broadband Inc., on the Board of Directors for International Sports Management (an agency that represents pro athletes), and was the CEO for You On Demand (China's first video on demand service).
The heart of the matter...
In an exclusive to the New York Daily News, they discovered that in 2015, Shane invested $500k for a large stake in EnviroGrow. According to court documents, the company produces pre-fabricated modules for growing marijuana for sale in the states where recreational and medical marijuana use is legal in the United States.
A source within EnviroGrow said that Shane believed the industry would have a big boom period and thought it was an opportunity to make money. As of today, there are 29 states that have legalized the sale of marijuana either via medicinal and/or recreational purposes.
This news came to light due to a current lawsuit that Shane is filing against EnviroGrow. He had travelled to Fort Collins, Colorado to inspect their manufacturing plant, only to find that the plant was "virtually nonexistent." Shane demanded his money be refunded, and EnviroGrow refused.
That status of the lawsuit is still pending.
On the sports entertainment side of things, Shane McMahon is all set for another Hell In A Cell match as he takes on Kevin Owens at this match's namesake pay per view this Sunday. This will be Shane's second Hell In A Cell match in as many years as he faced The Undertaker inside the structure at WrestleMania 32 in 2016.
Shane is a smart businessman, he knew this industry would be reaping some huge rewards. It has generated so much in tax revenue in the state of Colorado that they have easily reached the cap for which they can tax the sellers on.
It's unfortunate that this business deal isn't working out for Shane, and he has to file a lawsuit to attempt to get his investment back.
The New York Daily News made it seem like an interesting story because his mother Linda McMahon is on President Trump's staff, but the acceptance of marijuana is growing every day to the point where it will be legal in all 50 states eventually.