Aspen Dispensary to Sell for Record Setting $8 Million

Flickr user Pictures of Money

When we think about the big money from
the cannabis industry, Denver and Boulder often come to mind. Both cities are cultural
centers for Colorado, and renowned for their amazing selections of products and
strains. But that’s only half of the picture—the rest of the money from
cannabis sales in the state comes in from the little ski towns, and the boutique
dispensaries that can sell quality products at top dollar to the skiers who now
have two reasons to visit sunny Colorado. Recently, a dispensary in Colorado’s
premier destination location, Aspen, was offered up for the steep price of $8
million, proving that business really is booming in these remote locations.

The dispensary in question is called
Aspen Green Dragon, and it one of only six cannabis retailers in the coveted
vacation spot, making it prime for selling tons of buds on a daily basis. Ryan
Milligan, who owns Greenwerkz in Denver, is willing to put up the hefty funds
for this purchase, but there are a few hurdles to get past before a sale can
take place.

For one thing, there are two Aspen Green
Dragons, one in Aspen and one in Glenwood Springs. The fact that there are
multiple locations means that there have to be approvals on two different local
levels, as well as the state level, so there need to be multiple public
hearings. There are also many papers that need to be filed, and a lot of other
issues that need to be handled on the legal end before anything can become
official.

However, none of this is deterring
Milligan, who is willing to take out a $725 million loan to fund the endeavor. “It’s
a little premature to discuss it,” Milligan told the Aspen Times in regards to the purchasing price and the hurdles he
must clear in order to become the new owner of the business. “Public hearing,
license applications—all that stuff means I would like to do this, but there
are a lot of channels to go through before you get an approval. I’ve got the
public hearing, and just kind of got to let things shake out a little bit.”

Greenwerkz already has several different
locations in Colorado, including one in Glenwood Springs, which calls up
whether he plans to run two competing dispensaries in the same town, or join
forces. Green Dragon opened in January of 2013 in Glenwood Springs, and March
2014 in Aspen. The business is located on the downtown mall in Aspen, contributing
even more to its value, since it is in such a heavily trafficked location.

As the cannabis industry continues to
boom in Colorado, and smaller towns start to realize the wonders that opening a
few recreational dispensaries can do for their tourism industry, this trend is
bound to continue, and at an asking price of $8 million, steep for most
businesses, Aspen Green Dragon seems to be destined for wealth and success,
regardless of who takes ownership.