In less than a year, the Denver-based public cannabis company has agreed to purchase more than thirty dispensaries throughout Colorado. But Medicine Man Technologies is about to own way more than a handful of dispensaries.
The firm's CEO, Andy Williams, founded one of Denver's early medical marijuana dispensaries, Medicine Man, which is now a chain of stores in the metro area. Medicine Man Technologies, a Denver-based ownership group that helped write the law allowing new owners, is about as local as a pot business can get. While more outside money is inevitably going to enter Colorado, the recent dispensary deals that have been announced have some strong local ties. "It'll be interesting to see how they hang in Colorado. Even if there are players who are well-capitalized and raising money, it doesn't necessarily make them experienced operators," Levine says. "Colorado really does have the most experienced operators in the country. Although Colorado just opened itself up to outside ownership - something most states with recreational weed industries already allowed - this was the first state to legalize retail cannabis businesses, and it's considered to have the most mature marijuana marketplace in the world.even if most of the rest of the world was shut out until now. In fact, he views his experience in Colorado as an advantage, and others who've owned pot businesses in this state for some time share the feeling. Green Dragon co-owner Alex Levine isn't worried about losing his seat at the table, though. The new law, which took effect November 1, has already led to over 55 announced dispensary purchases and infused-product business acquisitions between just two cannabis ownership groups. That's what the owner of one of Colorado's largest dispensary chains predicted for the state's cannabis industry after financing rules were enacted allowing publicly traded companies and other out-of-state investors to own pot businesses here. "The names might not change, but the ownership could be completely different."
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