Revealed: The huge amount Mike Tyson spends on marijuana each month

Former heavyweight boxer Mike Tyson loves using cannabis. Photo / Getty Images.

Mike Tyson spends $40,000 a month on marijuana.

The 53-year-old former boxer is known to be a fan of the drug and he's now revealed just how prolific his usage is with an admission about his spending habit.

Jim Jones appeared on Mike's podcast, Hotboxin' to talk about his own cannabis business, Saucey, and the rapper admitted it had made sense for him to invest in the marijuana industry because he often buys the drug for his own personal use.

In response, Mike asked his co-host Eben Britton: "What do we smoke a month? Is it $40,000 a month? It's 40, yeah, $40,000 a month."

Eben added: "We smoke 10 tons of weed at the ranch a month. Ain't that crazy?"

The Hangover star has invested in the industry himself, with plans to grow high-quality strains of THC (Tetrahydrocannabinol) and CBD (Cannabidiol) while "implementing cutting-edge technology to advance the research on the health benefits of marijuana".

Mike bought a ranch in California City for his business, with half dedicated to agriculture and another section for the Tyson Cultivation School, where cannabis breeders could learn the best growing techniques.

He previously said about his venture: "I thought about how much good I could do by helping people with cannabis. It was a no brainer."

In February, the retired sportsman hosted the cannabis-themed Kind Music Festival at the ranch, an all-ages "pop-up" that embraces the state's updated cannabis regulations.

Although the festival allowed patrons to bring the drug into the grounds of the event, they won't actually be selling any cannabis products themselves.

A press release ahead of the event read: "[The festival will have] the distinction of being the first-ever all-ages music festival that embraces California's updated cannabis regulations and offering alcoholic consumption to those 21+. However, in accordance with the 2019 laws, there will be no sales of cannabis products at the festival."