Businesses are shuttering or laying off workers as sales have plunged by $700 million.
On Jan. 1, 2014, Iraq War veteran Sean Azzariti made headlines worldwide as the first person in the U.S. to buy legal weed.
More than 10 years later, 3D Cannabis, the dispensary in Denver’s Elyria-Swansea neighborhood where the historic purchase was made, displays a makeshift sign announcing it is “temporarily closed.” The windows and doors on the side of the building have been boarded up. Plastic bags, discarded coffee cups and other trash collect in the corners of the abandoned parking lot.
The dismal state of the historic site is a fitting symbol of the plight of Colorado’s cannabis market. What once was a success story has now left a trail of failed businesses and cash-strapped entrepreneurs in its wake. Regulatory burdens, an oversaturated market and increasing competition from nearby states have all landed major blows, leaving other states with newer marijuana markets scrambling to avoid the same mistakes.
For years, Colorado’s marijuana market minted successful local entrepreneurs who bootstrapped small businesses into national brands. The market drew aspiring cannabis professionals from across the country, whether ambitious college grads with a business idea or investors looking to get in on the green rush. [Read More @ Politico]
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