Chris Webber's $175 million cannabis venture, Players Only, has faced significant challenges since its initial announcement in 2021. Planned for southwest Detroit, the ambitious project aimed to establish a state-of-the-art facility that would include a cannabis cultivation center, consumption lounge, dispensary, and a job training complex focused on helping communities disproportionately affected by cannabis-related legal issues. However, nearly two years later, the project remains incomplete.
One of the key obstacles has been the sharp decline in cannabis prices in Michigan, which have dropped by around 56% since construction began. This price crash forced Webber and his partners to rethink their approach, recognizing that their original plans would no longer be financially viable under current market conditions. As Webber noted, "The cannabis industry has really shifted in Michigan," leading them to reassess their goals and scale down the project to avoid potential financial losses.
Despite the setbacks, Webber remains committed to the venture, emphasizing that his team is working on a revised plan that will still benefit the local community while adapting to the new economic realities. Webber also aims to secure the necessary licenses to open a dispensary in Detroit, which remains a core component of the project's vision. Additionally, he continues to push forward with his broader mission to foster equity in the cannabis industry, including initiatives that support minority-owned cannabis businesses through a $100 million equity fund.
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