Posted in Marijuana Investments

NBA Rumors: New CBA Allows Players to Invest in Teams, Sports Betting, Cannabis

 Posted by  Posted on April 1, 2023
DETROIT, MICHIGAN - FEBRUARY 03: A Wilson brand official game ball basketball is pictured with the NBA logo during the game between the Detroit Pistons and Charlotte Hornets at Little Caesars Arena on February 03, 2023 in Detroit, Michigan. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Nic Antaya/Getty Images)

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The new collective bargaining agreement between the NBA and NBPA, which was approved Friday, will reportedly allow players to make some brand-new investments, per Shams Charania of Stadium and The Athletic:

Shams Charania @ShamsCharania

Game changer: The league’s new collective bargaining agreement will give players the ability to invest in NBA and WNBA teams, as well as promote and/or invest in sports betting and cannabis companies, sources tell <a href=”https://twitter.com/TheAthletic?ref_src=twsrc%5Etfw”>@TheAthletic</a> <a href=”https://twitter.com/Stadium?ref_src=twsrc%5Etfw”>@Stadium</a>.

Those investments signal a seismic shift in the professional sports landscape, where marijuana was outlawed for years and sports betting was seen as a mortal sin.

But the legalization of both in the United States has led to a changing of times.

Marijuana has notably been removed from the NBA’s anti-drug testing program as part of the new CBA, per Charania:

Shams Charania @ShamsCharania

Sources: NBA players will no longer be prohibited for marijuana under the new seven-year Collective Bargaining Agreement. It’s been removed from the anti-drug testing program, a process that began during 2019-20 season.

DraftKings and FanDuel have previously been named as the NBA’s official sports betting partners as of Nov. 2021.

The new CBA will run through 2029-30 unless either side opts out after 2028-29. The agreement also includes the introduction of an in-season tournament, positionless All-NBA teams and a new luxury-tax level.

Author: CSN