World Wrestling Entertainment performer Shane McMahon is suing Connecticut-based EnviroGrow, a company that manufactures cannabis-growing modules, the New York Daily News reports. McMahon, is the son of WWE Chairman Vince McMahon and U.S. Small Businesses Administration Administrator Linda McMahon.
The lawsuit claims that Shane McMahon invested $500,000 for a stake in the company, but when McMahon traveled to inspect EnviroGrow’s Fort Collins, Colorado manufacturing plant he found it was “virtually nonexistent” the report indicates, citing court documents. McMahon demanded his investment be returned however his request was rebuked by EnviroGrow founder Joseph Palmieri.
“EnviroGrow is a viable company,” Palmieri said in the report. “It’s a great little business and it’s up and coming.”
Dan Williams, EnviroGrow CEO, said the company has started marketing the products and already have orders in Massachusetts, Nevada, Colorado, and California – which have each legalized cannabis for adult use.
As the administrator of the SBA, Linda McMahon, gives seed money to start-ups; however, the agency does not provide loans to cannabis companies due to its status as a Schedule I substance under the federal Controlled Substances Act.
The McMahon family matriarch, who twice ran unsuccessfully as a Republican for a U.S. Senate seat from Connecticut, has not commented on her son’s investment in the cannabis space.
Get daily cannabis business news updates. Subscribe