Mike Tyson has been appointed CEO of Las Vegas-based cannabis company Carma HoldCo, which he co-founded.
The announcement comes five months after the 58-year-old's controversial return to boxing, where he lost to Jake Paul in front of 70,000 fans in Texas.
The former heavyweight champion is now trading uppercuts for executive decisions in what the company describes as a shift in "strategic leadership".
Tyson's new role represents "a deeply personal progression" for the boxing legend, according to the company's announcement.
Mike Tyson had a long and successful career in heavyweight boxingGETTYThe appointment was confirmed on Thursday, with Tyson taking the helm of the parent company behind cannabis brands including Tyson 2.0 and Ric Flair Drip.
"Carma HoldCo was built on the belief that powerful stories and even more powerful products can change how people connect with wellness, entertainment, and culture," said Tyson, who boasts a 50-7 professional record.
"This isn't just a title -- it's a responsibility I take seriously. I've wanted to be more involved for a long time, and now is the right time to take that step."
The boxing icon emphasised his commitment to his new position.
"I'm fully committed to making sure everything we create stays true to who we are while growing in new and exciting ways."
Carma HoldCo added that his appointment would strengthen their focus on "brand authenticity, creativity, and meaningful consumer experiences."
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Tyson has been a long-time advocate for cannabis and first entered the industry when he founded Tyson 2.0 in 2021.
The following year, he made headlines by reconciling with former rival Evander Holyfield to form Carma Holdings.
Together they launched various cannabis products, including gummies shaped like Holyfield's ear – a playful reference to their infamous fight nearly 25 years ago.
Tyson is reportedly earning around £500,000 monthly through his cannabis business, which offers premium marijuana strains and edibles.
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Mike Tyson was beaten by Jake Paul with ease last year
ReutersThe company operates in California, where the drug is legal.
Tyson has previously stated that cannabis has made him a calmer and happier person.
Tyson appears to have closed the door on his boxing career as he embraces this new business chapter.
"The only person I'm fighting now is my accountant," he said last week. "Other than that, I'm just living life and I'm doing good right now."
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His son, Amir Tyson, has also suggested the boxing legend won't return to the ring.
"I think he's done," Amir said. "My stepmom, she's saying he's done and they're a team. That's husband-and-wife stuff."
Meanwhile, Jake Paul, who defeated Tyson in November, is set to face Julio Cesar Chavez Jr in his next fight.
The 28-year-old YouTuber-turned-boxer will take on the son of boxing legend Julio Cesar Chavez.
