Phil Ivey Decides to Venture into Nevada’s Medical Marijuana Business

Phil Ivey Decides to Venture into Nevada’s Medical Marijuana Business November 4, 2014 November 4, 2014 Tim Glocks
Posted on  Nov 4, 2014 | Updated on  Nov 4, 2014 by Tim Glocks

Phil IveyPhil Ivey is known for his accomplishments in the world of poker and also for having an astute sense of business. Ivey has won ten World Series of Poker bracelets and has had a long and illustrious career, making him a living legend in the poker community.

Apart from playing poker, Ivey also runs his own poker training website and is also affiliated with a number of leading brands in lucrative sponsorship deals that allow him to lead a luxurious life. So, when the Las Vegas City Council announced that Ivey’s application for a medical marijuana license had been approved, many in the poker community were surprised at Ivey’s new business interests.

Medical Marijuana has been a controversial topic in the U.S just like online poker as there are a number of pros and cons to be carefully weighed. However, Las Vegas allows medical marijuana to be sold under a state approved license. The city council confirmed that 50 applications were sent in and 26 were approved. Phil Ivey’s application was 1 among the 26.

Nevada has a restriction on the number of medical licenses it can issue and the Las Vegas Review-Journal states that the city council has crossed the limit by issuing 26 licenses and might have to rethink those numbers.

Even though the council has issued 26 licenses, applicants still have to go through two more steps in order to gain final approval to run a medical marijuana shop. The 26 applicants will have to get their applications approved by the Nevada Health Department (NHD). When the NHD approves the application, it will once again go back to the Las Vegas City Council for a final hearing for clearance. Should the final application be cleared, only then can a medical marijuana store be set up.

The obtaining of a license for medical marijuana does make it appear that Phil Ivey has plans to get into the business. Ivey has been in the news lately due to lawsuits filed against him by Casinos in the UK and the U.S who accused the poker pro of cheating the system to win millions of dollars. Ivey contested those claims but eventually lost the case and was ordered to pay back the Casino his winnings. Phil Ivey is yet to issue an official statement regarding his venture into the medical marijuana business.

Tim GlocksAuthor

Tim Glocks is a retired professor, he currently contributes to Tim enjoys playing poker and has taken it up as a hobby since his retirement. He has taken part in many online tournaments and has become a veteran in a short space of time. Visit Tim’s google + page here