Mike Tyson makes $7,000,000 every year from side business which helped transform his net worth

Mike Tyson is one the most recognisable figures in the world of sport – but has a little-known side hustle that is making him a fortune.

Tyson, 58, is a boxing legend and became the youngest world heavyweight champion of all time at just 20 years old following his victory over Trevor Berbick in 1986.

Almost forty years later, he once again laced up the gloves on November 15 when he faced Jake Paul in one of the highest-grossing boxing events in years.

Of course, a hefty fee was required to bring a 58-year-old man out of retirement for his first professional bout in over 20 years.

The American reportedly earned $20m (£15.78m), according to Fortune, for his efforts against Paul. But it is not just his exploits in the ring that have earned him an eye-watering amount of cash.

Since hanging up his gloves, Tyson has become a successful businessman with multiple interests in entertainment, podcasts, and even appearances in films.

Mike Tyson earns a huge amount (Credit:Getty)

But it is his cannabis empire that earns him around $500,000 a year, according to reports Chat Sheet [via MEN]. The 58-year-old launched the company ‘Tyson 2.0’ in 2021.

And by 2023, the brand had 100,000 retailers in 40 US states and 17 countries around the world, according to the Mail.

Although 2016 was the year when Tyson first started selling products under the ‘Tyson Holistic’ banner.

Last year, the brand was estimated to have generated $150 million (£118m) in revenue, according to Forbes, with around 30% of this coming from cannabis-based products. The business also sells CBD and vaporised nicotine products with Tyson currently the company’s ‘chief brand officer’.

The former heavyweight champ has found comfort in the drug in recent years.

Speaking on the ‘Hotboxin’ with Mike Tyson’ podcast in 2019, he discussed the amount of marijuana he was going through each month while in conversation with former NFL star Eben Britton.

“What [amount] do we smoke a month?” said Tyson.

“Is it $40,000 a month?” he added.

“We smoke 10 tons of weed at the ranch a month,” Britton replied.

Despite using a huge amount of his own supply, this has not depleted Tyson’s earnings. According to Forbes, through his boxing career and business ventures, he has earned £535million ($685million).