Oregon’s New Booming Scene of Ganjapreneurs

There’s been copious speculation regarding how Oregon’s cannabis industry will evolve after Measure 91 passed in November. Will Oregon go the way of regulation-heavy Washington State, or the less-restrictive Colorado route? Judging by recent developments, it seems Portland– already a leader in being “green”– may house another “green revolution”. At 12.16 percent, Oregon has one of the highest rates of cannabis use in the country. So it’s no surprise that they’re leading the way for innovative cannabis entrepreneurs.

Portland’s first “theme dispensary”, Brooklyn Holding Company, is at the vanguard of Oregon’s new “ganjapreneurs” – pulling the legal cannabis industry up from its “stoner sterotype” into a sophisticated and lucrative business model. The dispensary is more akin to Portlandia than Weeds with its turn-of-the-century vintage décor that resembles a speakeasy, and quirkily-dressed staff. The co-owner, Jeff Myers, predicts that niche stores like his will appeal to the rose city’s fastidious demographic. He cares just as much about selling an “experience” than simply selling a product.

But despite being legal in the Pacific Northwest, cannabis is federally banned, making Myers, his landlord, and staff lawbreakers every time they open the door to his dispensary–giving sardonic verity to the store’s speakeasy theme.

Matt Barden, a special agent for the Drug Enforcement Administration (DEA) told the Guardian: “To have anything to do with growing, selling or using marijuana is a federal crime, and we don’t get to pick and choose which laws we enforce.”

But Oregon US attorney, Amanda Marshall, says those following state laws won’t be prosecuted; making Myer’s situation, and others like it a non sequitur in the legal realm. Barden states that anyone involved in the cannabis industry is taking a “huge, tremendous risk – they’re putting themselves, their children, in harm’s way”. He adds, “They’re endangering their livelihood, and prosecution is still simple in other states.”

Although cannabis sellers in Oregon and elsewhere don’t have free reign, the industry continues to thrive and develop. Growers in southern Oregon, who have been economically depressed for decades, are now making upwards of $2,400 a pound. Not only are farmers seeing financial benefits from legalization, but the cannabis industry has provided lucrative jobs for retail employees. In one of the most gentrified and hyped up cities in America, “Budtenders” can earn about $15 to $20 an hour, which is no small pittance for liberal arts majors and other creatives who flock to Portland.

Then there’s out-of-state money, which comes in the form of tourists and investors. Founding partner at Poseidon Asset Management a cannabis hedge fund, Emily Paxhia, offers wealthy financiers the opportunity to invest in the fastest growing industry in the U.S. All you need is to have a net worth of at least $1 million, or earn $200,000 a year. “Portland and many of the towns in Oregon are very progressive and on the cutting edge, with an emphasis on sustainability, so we expect to see some great creativity and innovation out of that area,” says Paxhia.