Shaq is suing his ex-business partner after he claims he invested $150k into a cannabis business and they ran off with the money.
Since Shaq’s basketball career ended, the NBA legend has been a serial investor and brand collaborator, being in the investing game so long he was able to invest in google before they went public. He also owns several restaurant franchises between Papa John’s and Auntie Anne’s, and once upon a time owned 155 Five Guys franchises before selling his stake.
From sports teams, to agencies, to fitness brands, Shaq is pretty well-versed in every aspect of the business. Perhaps the most priceless part is no one has ever had a bad thing to say about doing business with the former baller, with his flawless reputation making his sponsorships and brand deals run seamlessly. But unfortunately, even with him doing right in business, that doesn’t mean others will.
According to reports from TMZ, Shaq is now suing a weed company he invested in after the company ran off with his money. Shaq claims in December of 2016 alongside his business partner Jerome Crawford, a total of $150,000 was invested into this marijuana business with the goal of helping the brand “pursue opportunities in the field.” However, by the end of 2017, the unnamed company didn’t even have any revenue, licenses, or business operations of any kind. That’s when he sent his lawyer to investigate and see where the money went but received no response.
After threatening to sue, the company finally responded and agreed to give him and Crawford their money back, but in installments of $10k each. Of course, they paid the first payment of $20k…only to go MIA once again. Shaq and Mr. Crawford are fed up and suing to get their initial investment back with interest and then some for wasting their time. In total, they are suing for damages worth over $1 million. Whatever the weed company is that messed this up, they fumbled a perfect business opportunity with a proven mogul and brand spokesperson.