Phil Ivey Faces $1.9 Million Loss from Las Vegas Cannabis Investment

Poker legend Phil Ivey is facing a significant financial setback as his investment in a Las Vegas cannabis dispensary, NuVeda, LLC, appears to be on the brink of collapse. The firm has filed for bankruptcy, leaving Ivey with a potential $1.9 million credit loss.

Ivey's involvement with NuVeda began in 2014, when he provided a $1.9 million credit line to the firm. In exchange, he received a 3% stake in the company and allowed NuVeda to use his image and standing to support their business strategy. However, recent developments have cast a shadow over this investment.

In 2020, Ivey initiated legal action against NuVeda and its subsidiaries, along with two other plaintiffs, Shane Terry and Dotan Melach. Terry, who held a 23% share in the firm, received only $250,000, far less than the promised $1.75 million. The lawsuit also alleges that NuVeda co-owners Pejman Bady and Pouya Mohajer filed false documentation to reclaim Ivey's and Terry’s shares. Despite these challenges, NuVeda continues to operate two cannabis dispensaries in Las Vegas, but the recent Chapter 11 bankruptcy filing raises questions about the future of this investment.