LOS ANGELES — Boxing legend Mike Tyson and professional wrestling icon Ric Flair have filed a US$50 million lawsuit against former business partners, alleging fraud and financial misconduct linked to their joint cannabis venture.
According to AllHipHop.com, Tyson and Flair accuse executives at Carma, the cannabis company behind the celebrity-branded products Tyson 2.0 and Ric Flair Drip, of misappropriating company funds and treating the business “as a personal ATM.”
The lawsuit, which runs to 76 pages, names Chad Bronstein, Adam Wilks, Nicole Cosby, and James Case as defendants. It alleges multiple counts of fraud, wire fraud, and money laundering, claiming millions of dollars were diverted for personal use rather than legitimate business operations.
Court filings cited by AllHipHop.com allege that Bronstein and Wilks spent more than US$1 million in company funds on private jet travel, yacht expenses, luxury meals, and home renovations. The lawsuit further claims that Wilks used company money to pay his mortgage, while Bronstein allegedly financed yacht-related costs and personal property repairs using Carma’s funds.
In addition, the suit alleges that Wilks entered into a secret agreement with vape manufacturer DomPen, receiving kickbacks in exchange for allowing the company to use Carma’s intellectual property without authorisation.
Legal counsel for Bronstein and Cosby has strongly rejected the allegations. Attorney Jonathan Cyrluk described the lawsuit as “fiction dressed up as a lawsuit,” adding that Tyson and Flair attempted to pressure his clients with what he characterised as aggressive settlement demands prior to filing the case.
Tyson and Flair are seeking a jury trial, along with damages exceeding US$50 million, plus legal fees and associated costs.
The lawsuit comes amid renewed national debate in the United States over cannabis regulation. Tyson, who has been a vocal advocate for marijuana reform, recently welcomed moves by former President Donald Trump directing the Department of Justice to reclassify cannabis from Schedule I to Schedule III under the federal Controlled Substances Act.
Tyson has previously argued that rescheduling cannabis would expand access to banking and financing for legal cannabis businesses, improve safety standards, and support hundreds of thousands of workers employed in the sector.
The case adds to growing scrutiny around celebrity-backed cannabis ventures, many of which have faced governance, compliance, and transparency challenges as the industry matures.
— Reporting by AllHipHop.com
