Phil Ivey has made a career of regularly snatching pots from the hands of his opponents at the poker table. Now it appears he is going to try to return the favor, at a price.
The Las Vegas Review Journal reported Thursday that Ivey and 25 other applicants were announced as being approved by the Las Vegas city council for a permit to operate a marijuana dispensary in the city. At least 50 had applied.
Permit Just the First Step
While Ivey and others were approved for a permit, that does not mean that they can immediately setup shop. There are still several hoops for permit holders to go through before they can officially open for business.
First, permit holders must be cleared by the Nevada Health Department to operate a pot dispensary. It is unclear how long that process will take, but odds are that not all permit holders will make it through the process.
Finally, those permit holders that are approved for a license will have to go back before the City Council for a suitability hearing. This hearing has yet to be scheduled.
Ivey Continues to Expand Portfolio
Ivey’s application for a license to run a pot dispensary appears to be the latest in his quest to diversify his business portfolio. In the last couple of years, Ivey has been working hard to setup revenue streams away from the table.
The most famous are Ivey Poker and Ivey League. Ivey Poker was a free to play online poker site that boasted a team of professionals ala Full Tilt Poker. Spinning off that business, Ivey League was formed following his purchase of LeggoPoker.
Ivey Poker was recently shut down with the promise of upgrades and a return in 2015. Ivey League continues to operate with a solid stable of coaches, including former Ivey Poker Pros.
Other recent investments by Ivey include All-In Entertainment, a boxing and entertainment firm that Ivey helped to create back in March. His stable of talent at All-In includes undefeated welterweight boxer Dusty Hernandez-Harrison, former WBA Middleweight Champion Andre Ward, and sports personality James Brown.