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“there Won’t Be A Lottery (for Additional Locations) Any Time Soon — No Matter Where We End Up With These 30 Pending Locations,” Rowland Said.

“There’s been a pretty significant dropoff in new properties being licensed,” said Jason Thomas, CEO and managing broker of Avalon Realty Advisors, a Denver real estate brokerage that specializes in the marijuana industry. “The changes to Denver’s setback and zoning and sensitive neighborhoods has restricted the industry from growing significantly.” This San Diego company is banking on medical marijuana cultivation with $175 million planned IPO Those policy changes, crafted in hopes of  protecting already saturated Denver neighborhoods , banned all new medical marijuana businesses and allowed for a permanent cap on the number of recreational grow and dispensary locations. That cap has yet to be set, but it won’t be more than 467 total locations, said Dan Rowland, spokesman for Denver Excise & Licenses. The 467 number was reached last year, accounting for the number of existing locations plus applications pending at the time. As of April 1, there were 450 active grow and store locations and 30 applications pending for new locations within Denver city limits. Once all those applications are processed, it is possible that there will be more than 467 approved locations, but the cap would still be set no higher than 467, Rowland said. “There won’t be a lottery (for additional locations) any time soon — no matter where we end up with these 30 pending locations,” medical marijuana Rowland said. “It’s going to take some time before we have some attrition in the market happen or we have enough locations fall out that we’re under the cap.” The new rules also include a ratcheting provision on cultivation locations. For every two grow locations that are given up, the city will only issue back one permit until a total of 15 grow locations have been eliminated from the city’s footprint, Rowland said. All new locations must be at least 1,000 feet from schools and residential zones. In the first year of the lottery, new grows will also be banned from the five neighborhoods with the highest concentration of existing businesses.

To read more visit http://www.thecannabist.co/2017/06/02/denver-cannabis-cultivation-warehouse-real-estate-cap/80683/

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