by The Real Dirt | Jul 21, 2021 | 420 News, Blog, Business, Cannabis Business, Cannabis Law and Compliance, Cannabis News, Culture, Industry News, Legalization
Ever had one of those lazy days where you don’t want to get off the couch, even to buy cannabis? Soon, you won’t have to.
Strawberry Fields, a marijuana cultivation company with five Colorado dispensaries, including one at 3453 S. Yosemite St., was awarded Denver’s first cannabis delivery license Tuesday
“I think it’s going to open up a lot of different avenues and outlets, more availability for our (medical cannabis) patients and consumers,” said Ethan Shean, chief retail operations officer for Strawberry Fields.
The service will not be immediately available, however.
Retail cannabis outlets must contract with companies that have obtained a cannabis transportation license, and none of those have been issued, although city officials told BusinessDen those applications could be approved within the next couple weeks.
Shean said the ability to deliver products will help Strawberry Fields connect with homebound medical cannabis patients and to people who have limited transportation.
“That is part of the inclusion that we want,” Shean said. “The customers and the patients who may not have access to come to one of our locations could be patients who rely on public transportation. We want to be accessible and convenient.”
Strawberry Fields opened in 2010 as a medical dispensary before adding recreational sales when it became legal in Colorado. The company is in communication with a few people who have applied for cannabis transportation licenses, Shean said.
State law governs how much cannabis can purchased per day, which is up to one ounce of “flower” per person or eight grams of concentrate with more than 800 milligrams of THC.
The city of Denver will only allow people who qualify as a “social equity applicant” to apply for medical and retail cannabis transportation licenses until July 1, 2024. Transporters can contract with multiple cannabis stores for their services. Deliveries must take place between 8 a.m. and midnight.
Existing retail and medical cannabis stores must contract with transportation licensees until July 1, 2024. After that, licensed dispensaries will be able to conduct deliveries themselves.
by The Real Dirt | Jun 28, 2021 | 420 News, Blog, Business, Cannabis Law, Cannabis Law and Compliance, Cannabis News, Industry News
Applications are now open for marijuana delivery and transporter licenses in Denver for the first time in the city’s history, the Department of Excise and Licenses announced.
The city is also accepting applications for new marijuana store locations for the first time since 2016, in addition to applications for marijuana cultivation and manufacturing licenses.
This comes two months after Denver changed its marijuana policy to allow for social equity delivery and hospitality businesses where patrons can consume marijuana on the premises. Applications for the hospitality business licenses are expected to open in November, the department said.
“This is a big part of the biggest overhaul in marijuana rules and regulations since initial legalization that the mayor signed into law on 4/20,” said Eric Escudero, spokesman for the Department of Excise and Licenses.
Under Denver’s new marijuana policy, there is no cap on the number of licenses and permits available, and there is no deadline to apply.
Delivery licenses will only be available to social equity applicants until 2024. Licenses for stores, transporters, cultivations, manufacturing and the new hospitality establishments will be limited to social equity applicants until 2027.
Social equity applicants are defined as Colorado residents who have never had a marijuana license revoked and meet one of the following social equity criteria:
- Applicant lived in an opportunity zone or a disproportionately impacted area between 1980 and 2010
- Applicant or immediate family was arrested, convicted or suffered civil asset forfeiture due to a marijuana offense
- Applicant’s household income doesn’t exceed 50% of the state median income
By providing exclusivity to social equity applicants, Denver officials say they are trying to make up for the damage caused by the War on Drugs and the unequal persecution of disadvantaged communities for marijuana offenses.
by The Real Dirt | Jun 17, 2021 | 420 News, Blog, Business, Cannabis Law and Compliance, Cannabis News, Industry News, Legalization
Cannabis advertising platform Weedmaps started trading on the Nasdaq on Wednesday in the wake of the completion of its merger with special purpose acquisition company Silver Spike Acquisition Corp.
The transaction brought California-based Weedmaps, a leading but sometimes controversial online marketplace for cannabis consumers and businesses, $579 million in gross proceeds, according to a news release.
In connection with the closing of the deal, Silver Spike changed its name to WM Technology. Its Nasdaq ticker symbol is MAPS.
Shares were up 9% Wednesday at more than $20 each.
The transaction was approved unanimously by Silver Spike’s board of directors. It also was approved by stockholders at a special meeting last week.
Chris Beals, Weedmaps chief executive officer, said in a release that the merger will enable the company to accelerate its growth as it benefits from ongoing legalization across the country.
For the year ended Dec. 31, 2020, the company generated net income of $39 million on $162 million in revenue.
Weedmaps, which has been operating as WM Holding Co., has run into issues with regulators in recent years.
In early 2018, California regulators ordered the company to stop carrying advertising from illegal cannabis retailers.
Weedmaps also was the focus of a federal investigation at least partially tied to its relationships with licensed and apparently illicit California companies.