Donald Trump's initiative that would allow Mike Tyson to expand his $160 million empire

Mike Tyson's long-standing support for Donald Trump may soon intersect with a major political development that could directly benefit the boxing legend's business empire by boosting a brand worth $160m.

The former heavyweight champion, who attended Trump's inauguration following the 2024 election, is backing the president's reported consideration of reclassifying marijuana as a substance with lower legal restrictions.

According to The Wall Street Journal, Trump is weighing the possibility of moving marijuana to a less restrictive federal drug category, following a change the Biden Administration sought but failed to enact before leaving office in January.

If implemented, this policy shift could ease regulatory barriers, open new avenues for research, and provide significant tax relief to businesses in the multi-billion-dollar cannabis sector, in which Iron Mike is involved.

Tyson publicly signaled his support on social media in response to the president's potential move, writing: "We are with you 100%, [Donald Trump]."

Reports indicate that cannabis industry figures used a $1 million-per-plate fundraiser at Trump's New Jersey golf club to encourage the reclassification, and their push centers on designating marijuana as a Schedule III drug.

This would not fully legalize it but would reduce operational constraints for producers and distributors, which could benefit Mike's Tyson 2.0 venture which is building a brand that offers a range of cannabis products designed to be both high quality and affordable.

Set up in 2021 alongside Rob Hickman and Adam Wilks, the venture has grown rapidly and is now valued at approximately $160 million.

However, objections to the change remain strong as advocacy groups such as Smart Approaches to Marijuana have launched media campaigns on Fox News programming to rally opposition.

"It doesn't help America," Kevin Sabet, group leader, said. "It doesn't help our youth, our competitiveness, job prospects, it doesn't help people go to work."

Similarly, the Community Anti-Drug Coalitions of America is urging members to contact the White House in protest.

Trump has not yet issued a final decision on the matter, but if the change goes forward, it could mark a pivotal moment for both federal drug policy and Tyson's growing cannabis empire.

Meanwhile the former heavyweight champion has long been open about his personal use of marijuana, of which an estimated 16% of the adult United States population consumes regularly.

"Some of us can't live, can't function without it," Tyson told Fox News Digital in July 2025, months after his defeat to Jake Paul at the AT&T Stadium in Texas.

Mike Tyson hands Sonny Liston one of boxing's greatest compliments

Despite his own fearsome reputation, Mike Tyson believes another heavyweight holds the title of boxing's most intimidating presence as he credits Sonny Liston as the "scariest fighter that ever lived."

Tyson recounted stories of Liston's violent encounters with law enforcement, including allegedly knocking out multiple police officers, whilst he also enjoyed a career that saw 50 victories in 54 bouts, with 39 knockouts.

He became the undisputed heavyweight champion in 1962 after defeating Floyd Patterson in the first round but suffered notable losses to Muhammad Ali. Liston's formidable power and menacing aura left a lasting mark on boxing history.