Former boxer Mike Tyson is ready to cash in on marijuana, which was recently legalized for recreational use in California. 

According to Gary Trock of The Blast, Tyson broke ground on a 40-acre plot of land in California City, which he intends to use to grow marijuana as well as fund research into the medical effects of the drug.

The resort, which is named Tyson Ranch, is in Southern California, about 60 miles southwest of Death Valley National Park.

While 20 acres of the area will be used to create "high-quality strains of THC and CBD," the ranch will also feature a hydro-feed plant and supply store, extraction facility, edible factory, premium "glamping" campgrounds and cabins, an amphitheater and the Tyson Cultivation School to teach new growers.

The former heavyweight champion was fined in 2000 for testing positive for marijuana, and he said in his memoir that he got high before major fights. He also said he used marijuana when he was sentenced for cocaine possession in 2007.

California became the sixth state to allow recreational use of the drug as of Jan. 1, providing Tyson and others the opportunity to sell it legally with a license.

California City mayor Jennifer Wood was present at the groundbreaking and called the new ranch a "rebirth" for the city, per Trock, as it hopes to provide many jobs for the area.