PCG One, LLC, won the marijuana lottery in the town of Buena Vista Monday evening, becoming the sole operation among 20 applicants to move forward to the second phase of the application process to open a recreational dispensary in town.
If it continues successfully through the process which includes location plans – the operation represented by Sean Davis, will be among two recreational retail stores in town.
If for some reason PCG One doesn’t move forward, the Town will hold another drawing with the remaining 19 names. The Town is allowing 180 days for a store to come on board and is offering a one-time opportunity to extend the time if necessary.
Buena Vista’s voters returned to the polls last Nov. 3 for a second time, having said no to recreational marijuana in 2016. This time the measure passed by a comfortable margin, 1,058 to 870. Voters also approved a five-percent tax for retail marijuana.
Having watched surrounding communities approve recreational marijuana and reap the benefits, the Board of Trustees saw the potential for sales tax revenue and identified the loss that occurs when tourists go elsewhere to buy cannabis and end up spending additional money on shops, restaurants, and activities.
In addition to Buena Vista, Lakewood, Littleton, and Broomfield also passed retail marijuana measures in the November 2020 election.
Ascend Cannabis, which has been operating the only medical marijuana store in town, opted to add recreational products to its offerings following the vote. The Town allows the stores to offer both medical and recreational cannabis.
Among the 20 applicants, 13 said they planned to have both medical and retail operations, while seven said they would offer retail only.
Monday’s selection was a simple one: Names of the potential operators were placed on index cards, and then displayed on a board for people to view, then folded and placed in a glass bowl. Mayor Duff Lacy then did the honors, marking a small piece of Buena Vista’s history.
Town attorney Jeff Parker noted that the actual operational facility is still six months out. “It’s a bit of a process, but hopefully it’s fair and reasonable.”
Despite the pandemic and the financial kneecapping in the business world, Colorado’s appetite for legal marijuana set records: Total sales amounted to $2.19 billion for 2020, surpassing $1.7 billion in 2019 and $1.5 billion in 2018, according to the state’s Department of Revenue.
Colorado’s pot stores have sold $10 billion in recreational cannabis since it became available in 2014. Buena Vista has projected $125,000 in annual marijuana tax revenues, although with the uptick in tourism and overall sales tax revenues, that figure might see an upward adjustment.