NBA Legends Summer Getaway Highlights Cannabis and Business
For the first time, the annual reunion hosted by the National Basketball Retired Players Association aimed to educate former players on emerging cannabis business opportunities.
The NBA landscape is changing when it comes to the acceptance of cannabis and its use and the association of its players doing business in the industry. A 2023 decision by the league to allow players to use marijuana and for them to invest in companies that sell CBD or marijuana has been welcomed by current players and retired ones who said it was about time.
Retired NBA players were on hand July 10-12 in Las Vegas for the annual Legends Summer Getaway where the National Basketball Retired Players Association included former NBA player Derrick Coleman and cannabis consultant Mieko Perez talking about all things cannabis and business.
Pictured Above - Stephen Bardo, Retire NBA Player
“It’s groundbreaking,” said former NBA player and college basketball television analyst Stephen Bardo who moderated the panel that included cannabis for the first time. “There’s a stigma surrounding it, but there’s health benefits to it and business opportunities, and the more we can demystify the process, the better.”
Education Is Key
Both Rochelle and Coleman emphasize the importance of staying away from narcotics for pain treatment, and how cannabis can help with that.
Derrick Coleman, Retired NBA Player
“There are players who have been involved in this even before the rules started,” Rochelle said. “With pain and treatment, you have to open those non-narcotic pathways so we don’t fall into oxycontin and things of that world.”
He sees the business opportunities available in the cannabis industry as a natural fit for many athletes.
“When I saw my cousin suffering from sickle cell I had to figure out how to help him,” Coleman said. “We’re trying to create rubs, drops and even gummies. That’s why I partnered with Mieko for a year about distribution, and with the NBA opening up, it’s important to be a part of this transition to cannabis.”
Coleman, who’s been investing in the industry for about five years, said players have been involved in cannabis even before the NBA said it was okay because they’re entrepreneurs looking to make money. “The worry is that a lot of players over the years haven’t done the research and end up getting burned,” he said. “I have seen that with a lot of my guys. It’s research. You have to study.”
Opportunities Abound
Bardo said with the majority of retired players being African-American and with incarceration off the table that has created “a wonderful opportunity” and hopes more get involved. He talked about how former heavyweight champion Mike Tyson and former NBA players have done well in the industry.
“There’s a lot that has been mentioned about getting into it, but it’s an arduous process,” Bardo said. “I would like to see more people get involved. Basketball players are funny animals. If we have somebody that has been through a similar process, it’s a lot easier for us to see a path. Hopefully, they take advantage of it because it’s a wide-open space.”
Perez, a legal secretary who went public in 2009 with her late son’s success with medical cannabis for treatment with autism, said she was excited to participate in the event. Products, however, shouldn’t be the beginning and ending for players to consider because there are so many other areas in the industry, she added.
Perez called the cannabis industry a “who you know and who you grow” space with a lot of challenges and credited Tyson with branding his product and getting the right team in place.
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