Colorado Leads, a cannabis business alliance of more than 50 Colorado companies, denounced Thursday Gov. John Hickenlooper’s veto of HB18-1011, a bipartisan bill which would have provided greater investment flexibility in marijuana businesses and created a more level playing field for the cannabis industry.
The bill, which overwhelmingly passed the state House and Senate last month, balanced the industry’s need to access capital – like any other legal business – with public safety. Prohibited by law from taking standard tax deductions and hamstrung by steep regulatory operating costs, the capital-starved industry viewed the bill as a critical solution.
“The Governor’s disappointing veto not only jeopardizes tens of thousands of jobs but also shows a true lack of respect for the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country,” said Chuck Smith, Colorado Leads Board President and CEO of Dixie Brands, Inc. “We look forward to working with the next governor who will show true leadership by honoring the will of the voters and keep Colorado at the forefront of this vibrant and growing world-wide industry.”
The governor’s veto puts Colorado cannabis companies in a precarious position. Only two other states in the country with legal cannabis prohibit businesses from accessing legitimate capital. Blocking the cannabis industry from accessing capital not only puts companies at an enormous competitive disadvantage, it renounces Colorado’s role as the nation’s cannabis leader.
“Colorado was uniquely positioned to lead the United States cannabis industry. We have a mature market, the best operators, and world class operations. If HB 1011 was not vetoed, investment would have eagerly poured into Colorado to establish the nation’s headquarters of operations, leading the roll-up of the cannabis industry from around the United States,” said Andy Williams, a Colorado Leads board member and Chief Executive of the Denver-based grower and dispensary Medicine Man.
“The jobs and revenue would have been a tremendous boost to our economy. As it is now, Gov. Hickenlooper has opened the door to other states to take that lead from us. I will most assuredly be looking to move my headquarters to a state that welcomes our industry.”
News
Headlines
/in Businesses, Medicinal, Tax, Uncategorized /by AdminA new report ranks Colorado as the best state in the country to start a marijuana business.
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Cannabis pioneers predict where the industry is headed.
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One of the three bills Gov. John Hickenlooper vetoed at the end of the session would have allowed individuals with autism spectrum disorder to access medical cannabis. Parents of these children said they were devastated by his decision.
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State officials have approved the largest ever school building program, one that is funded in part by proceeds from legal marijuana sales.
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Quotable
/in Politics, Uncategorized /by Admin– Lobbyist Cindy Sovine
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The Coffee Joint
/in Businesses, Tourism /by AdminTake virtual tour of the nation’s first marijuana club with Colorado Public Radio. Besides sampling your purchase, you can watch TV, play foosball or attend a cannabis-infused yoga class. The shop’s biggest customers: tourists looking for a legal place to consume the marijuana they’ve bought before leaving town.
“Some of the tourists, they come in with their bags for DIA, stay in here, consume and go back to DIA, because they had a layover,” co-owner Rita Tslayuk says.
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Cannabis Business Coalition Denounces Gov. John Hickenlooper’s Veto of Bill Providing Companies Access to Capital
/in Legislation, Politics, Uncategorized /by AdminColorado Leads, a cannabis business alliance of more than 50 Colorado companies, denounced Thursday Gov. John Hickenlooper’s veto of HB18-1011, a bipartisan bill which would have provided greater investment flexibility in marijuana businesses and created a more level playing field for the cannabis industry.
“The Governor’s disappointing veto not only jeopardizes tens of thousands of jobs but also shows a true lack of respect for the professionals that worked tirelessly during his term to build the safest and most respected cannabis industry in the country,” said Chuck Smith, Colorado Leads Board President and CEO of Dixie Brands, Inc. “We look forward to working with the next governor who will show true leadership by honoring the will of the voters and keep Colorado at the forefront of this vibrant and growing world-wide industry.”
The governor’s veto puts Colorado cannabis companies in a precarious position. Only two other states in the country with legal cannabis prohibit businesses from accessing legitimate capital. Blocking the cannabis industry from accessing capital not only puts companies at an enormous competitive disadvantage, it renounces Colorado’s role as the nation’s cannabis leader.
“Colorado was uniquely positioned to lead the United States cannabis industry. We have a mature market, the best operators, and world class operations. If HB 1011 was not vetoed, investment would have eagerly poured into Colorado to establish the nation’s headquarters of operations, leading the roll-up of the cannabis industry from around the United States,” said Andy Williams, a Colorado Leads board member and Chief Executive of the Denver-based grower and dispensary Medicine Man.
“The jobs and revenue would have been a tremendous boost to our economy. As it is now, Gov. Hickenlooper has opened the door to other states to take that lead from us. I will most assuredly be looking to move my headquarters to a state that welcomes our industry.”
State of the Industry
/in Medicinal, News, Sales /by AdminThe newest report on Colorado’s on marijuana industry provides a wealth of facts and figures, from how much marijuana is grown to the average life cycle of Colorado marijuana plants. Want to know how many edibles vs. buds were sold? Or how the medical vs. adult-use market is shaking out?
It’s all here in the Colorado Department of Revenue’s 2017 Marijuana Enforcement Division annual report. (Actual report: Click to View PDF)
The MED report also notes that the number of licensees that passed compliance checks to ensure they are not selling to underage buyers rose to 95.1 percent from 94 percent in 2016.
Headlines
/in Banking, Education, Health, Uncategorized /by AdminWhile most banks are still weary, some are finding ways to jump into the cannabis space.
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The new “Responsibility Grows Here” campaign targets youth, tourists and pregnant and breastfeeding women.
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City of Wheat Ridge and Fit Cannabis Girl at odds over whether business is a gym or marijuana club.
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Quotable
/in Uncategorized /by Admin“Section 280E of the federal tax code remains the single biggest threat to small cannabis businesses. It mandates that all of our revenue, without deducting any expense, is considered taxable profits. This makes it a challenge to even break even in the industry. Until cannabis is de-scheduled [and 280E no longer applies to us], entrepreneurs and big businesses will face the same challenge to turn a profit.”
~ Colorado Harvest Company founder and CEO Tim Cullen
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Candidate Speaks with Colorado Leads
/in People, Politics, Uncategorized /by AdminMembers in the News
/in Events, Health, Medicinal, Uncategorized /by AdminColorado’s Wana Brands, a top seller of cannabis edibles, has entered a year-long partnership with ultrarunner Flavie Dokken to break the stigma that marijuana users are lazy and to promote it as an effective training tool and pain relief alternative.
Races on Dokken’s horizon include the Quad Rock 50 Miles, Bryce Canyon 50K, and Mad Moose Crested Butte 105K. SNEWS talked to her about her alliance with Wana Brands and why she opts for cannabis capsules over other painkillers.
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Industry peaks just keep getting higher
/in Sales, Uncategorized /by AdminJust when the Colorado’s marijuana industry was expected to start leveling out a bit, the newest reports show sales have hit yet another all-time high. Heading into what is considered peak sales season, adult-use marijuana sales in Colorado eclipsed $105 million in March 2018, the highest monthly total in the program’s history. That’s up more than 23 percent from February, which on a percentage basis represents the largest month-over-month sales gain in Colorado’s market in more than three years.
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And as sales grow, prices drop
As more and more states legalize adult-use marijuana, prices are dropping.
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