Jan 2nd, 2018

Jan 2nd, 2018

Former heavyweight boxing champion Mike Tyson hopes to cash in on California's legislation for recreational marijuana by opening his own cannabis resort.

The US state began legally selling marijuana on Monday, with long queues forming outside stores and predictions that it will be a $7 billion industry by 2020.

The Blast has reported that Tyson, 51, has already broken ground on a 40-acre property in California City, with 20 acres dedicated to marijuana cultivation.

Tyson Ranch will also have a Tyson Cultivation School to instruct farmers on how to grow dope and will also boast a luxury 'glamping' campground with cabins, an edible factory, and an amphitheatre.

The project is being supported by city mayor Jennifer Wood, who thanked Tyson and his business partners Robert Hickman and Jay Strommen for investing in their community.

"In bringing this industry to our city, you've actually kind of rebirthed our city," Wood said.

"We now have an industry that's going to provide medical cannabis to people in need and also provide jobs, revenue, and income for a lot of people that work in our city.

"You're part of our community and you live in our community now and we're very, very pleased to have you.

"Thank you for your commitment to our community."

Tyson has been a long-time believer in the benefits of medicinal marijuana, which has been legal in California for more than two decades.

The venture could prove a profitable one for the former boxing champion, who has been notoriously bad with his money and once declared bankruptcy in 2003.

Tyson had a controversial career in the ring, after becoming the youngest heavyweight champion in 1986 when he was only 20 years old.

Former heavyweight boxing champion Mike Tyson was disqualified after biting part of Evander Holyfield's ear off during a 1997 fight. (AAP)

He spent time in prison after being charged with the rape of model Desiree Washington in 1991 and was disqualified from a fight against Evander Holyfield in 1997 after biting his ear off.

He has been married three times and is a father to seven children but his first marriage to actress Robin Givens was overshadowed by allegations of domestic violence.