In 2016, the former heavyweight champion set up his own company, Tyson Holistic Holdings, through which he sells an array of cannabis-based products and merchandise.
It's believed that Tyson Holistic Holdings makes 'The Baddest Man on the Planet' around $500,000 per month.
The following year, Tyson Ranch was developed, however it is not yet fully built.
He hopes that when it is fully complete, the 407-acre site in Southern California will be home to a whole host of tourism attractions, including a huge lazy river and the Kind Music Festival, which he and his business partner Rob Hickman describe as 'the Lollapalooza of cannabis'.
The first Kind Music Festival has already been held on the site in fact, back in February. The fest gives people the chance to enjoy marijuana, listen to music and learn about the health benefits of the drug.
Speaking to Cannabis Tech Today, Tyson said: "I thought about how much good I could do by helping people with cannabis. It was a no-brainer.
"I've been fighting for over 20 years, and my body has a lot of wear and tear. I had two surgeries and I used marijuana to calm my nerves, and it would take the pain away... But before, they had me on those opiates, and those opiates had me all screwed up."
Beyond this, the ranch will also be used for cannabis research and education and will centre around the use of the drug for health purposes.
Business partner, Mr Hickman, said: "He's building a holistic centre for health and wellness.
Piers Morgan has been out to visit the ranch, where he appeared on the former boxer's podcast Hot Boxin' with Mike Tyson and partook in a spliff.
In a clip from the podcast, Morgan asked Tyson what he was supposed to do with the joint in his hand, to which Tyson replied: "Smoke it!"
Tyson, 53, then lit it for Piers and he took a drag, prompting a hysterical reaction from Tyson and some other bloke in the studio.
Seemingly quite pleased with the reception, Piers added: "When in Rome, right?"
It is unclear when Tyson Ranch will be fully complete.
Words by Jake Massey