Chris Webber scales back $175M Detroit cannabis plan as market sours

https://s3-rd-prod.crainsdetroit.com...ent-main_i.pngChris Webber's planned $175 million marijuana development in Detroit remains unfinished in southwest Detroit nearly two years since it was announced.The NBA Hall-of-Famer and University of Michigan Fab 5 basketball star had planned an industry training complex, a 180,000-square-foot cultivation site, consumption lounge and dispensary at 2599 22nd Street south of Michigan Avenue. Webber's Players Only broke ground on the site in September 2021 and originally planned to finish the first phase of the build-out in March 2022.

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But market conditions that sank marijuana prices by more than 56% between breaking ground and now have kept Webber from advancing on the project. He said the company still has plans but is scaling them back."The cannabis industry has really shifted in Michigan," Webber told Crain's. "Since the landscape has changed, we've had to adjust because we would not be smart to go with that plan."Webber said prices remain too low in the state to follow through on planned investment."Where do the prices settle? The bottom of the ocean?" Webber said. "I am from Detroit and I love the city, the environment and the people. But this would not be the best time for the community or us in Detroit to have a profitable outcome."

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https://www.crainsdetroit.com/cannab...n-hold-detroit