Posted: Jul 1, 2010 8:55 PM by Matt Stafford
Updated: Jul 2, 2010 2:43 AM
Thursday is the deadline for medical marijuana businesses to be up and operational by, which was set by, now signed, House Bill 1284.
Registrations had to be in Colorado Springs city offices Wednesday evening, by 5 p.m. 451 businesses are now in the books as well as $225,500 in the bank from the registration fees.
After the Colorado State Legislature passed H.B. 1284, the Colorado Springs City Council set a process for the businesses to register in May. They set up this pre-application process for the businesses, following the legislature's lead on most of the qualifications. Existing businesses had to certify purchase or rental of business space, provide an up-to-date sales tax license and pay a $500 application fee.
"I expected just over 200, just because people were going to be in a mad dash to pull these licenses, regardless of operating right now," says Mason Cathey, owner of a registered Colorado Springs Dispensary - Emerald City Wellness.
Cathey saw several entrepreneurs not make the deadline.
For the next year, no new businesses will be issued licenses. This gives a chance for legislators to tweak the rules.
In that time, some think the numbers we have now will go down.
"Competition is going to take its course," says Tanya Garduno, president of the Colorado Springs Medical Cannabis Council. "The laws of economics and business don't hide just because this is a new industry."
So there is no relaxing in this business climate, and that's not lost of Cathey. He may have done a lot of work to meet this deadline, but the job is far from over.
"Those that have made it through, congratulations, we've made it through one of the first big hurdles, but there's going to be plenty more to come so it's definitely going to keep thinning the pack," Cathey says.
Here are the numbers for businesses registered in Colorado Springs:
-176 Medical Marijuana Centers or storefront dispensaries
-204 Optional Premises or grow facilities for the Centers,
-71 Infused Products (produce infused products for Centers)
($225,500 generated by registrations)