Colorado state continues to realize new and consistent income from cannabis, enough to trigger the state government into working towards improving this economic segment to boost its revenue size even more. With a new Cannabis Business Office, dispensaries throughout the state have another advocate on their side to help explain the market and how it continues to benefit communities, especially in rural areas like Cortez.
Venturing Into a New Approach With Government
The new state office is part of a program of economic development, specifically focused on providing financial assistance to help dispensaries. Those businesses that are eligible will be part of a group selected to boost diversity in the state’s cannabis industry, as well as those that help generate more jobs and create market-changing innovation. These three criteria serve as pivotal factors in determining whether an applying dispensary gains a financial boost for business development or loses consideration altogether.
There are other criteria as well. New dispensary licenses will favor those candidates who have not owned any kind of cannabis business before. In addition, candidates who are currently in lower income categories as well as other social factors have an advantage for approval. The program’s funding may seem modest at $4 million, yet its potential impact extends to fostering new businesses, consequently generating employment opportunities for Colorado residents. Over time, if successful, such initiatives could pay dividends, generating substantial tax revenue from thriving businesses and income taxes, potentially surpassing the initial investment.
Markets Change Social Perspectives
The new effort is in the planning and launch stages, with high hopes of increasing acceptance of dispensaries as a legitimate state business while providing a critical alternative for employment generation. This step is expected to enhance support for cannabis in Colorado, due to a growing population benefiting from the industry’s expansion.
Competition Isn’t the Problem
Established businesses like Mountain Annie’s Cannabis Cortez dispensary could be a bit worried about the new competition. However, the fact that the state government is supporting growth in the industry is seen more as good news. Since 2012, the industry has been working to establish itself, and it’s been a long decade. The state’s legalization of cannabis was a game-changer for more than just allowing dispensaries to operate legally as businesses; it also changed the paradigm of criminal law that statistically produces a disparate number of arrests for Black and Hispanic residents caught with cannabis products that previously were illegal to have.
The Colorado state’s approach is another step forward, from the perspective of the cannabis industry. Now the interest is on keeping that momentum growing.