Flowering marijuana plants grow at the Smokey Point Productions facility in Arlington, Washington, U.S., on Thursday, Jan. 12, 2017. The increasing supply of legal marijuana is turning into a major buzz kill for growers as prices plunge – and an opportunity for companies that can help cut production costs.
(Tedd Wetherbee is pictured inside the planned location for The Gallery, his marijuana retail outlet in Gig Harbor, Washington May 7, 2014. Gig Harbor has enacted a six month emergency moratorium on retail marijuana, leaving Wetherbee in a difficult position. REUTERS/David Ryder)
Local pot bans and temporary moratoria are throwing a wrench in some folks’ cannabis business plans. Here’s an excerpt from Eric Johnson’s story:
Tedd Wetherbee spent months, and at least $30,000, setting up his marijuana shop in the Puget Sound hamlet of Gig Harbor, and planned a grand opening once his Washington state retail license was issued in July.
Then, with no word of warning, the local city council voted unanimously last month to enact a 6-month emergency moratorium on pot businesses, citing concerns they could violate a buffer zone between marijuana sales and schools.
“I was just shocked. I’ve signed a 5-year lease here. I’ve got $6,000 worth of tile arriving next week,” said Wetherbee, standing in his unfinished shop, The Gallery. “It’s dead now.”
Have a look a the full story here at Yahoo News.
Kirk Johnson reported on an important story coming out of Yakima, and many other places, that focuses on the resistance to legalized marijuana. Have a look at the story here and see a couple of portraits I made for it below. Thanks for looking.
Nondenominational minister Rosetta Horne stands for a portrait at her home in Yakima, Wash. on January 23, 2014. Horne has stood up against legalized marijuana in Yakima, where the city council recently passed a prohibition of growing, buying, and selling marijuana in the city limits. “I fight for what I believe in. That’s just who I am,” she says.
Nondenominational minister Rosetta Horne is pictured at Mount Hope Baptist Church, where she shares worship space, in Yakima, Wash. on January 23, 2014.
Nondenominational minister Rosetta Horne stands for a portrait at her home in Yakima, Wash. on January 23, 2014.
Recent work for The New York Times: Banks Say No to Marijuana Money, Legal or Not. Here is how it looked in print in Sunday’s page A1:
Serge Kovaleski did a great job on the reporting. Check out the article online here, and if you look below you can see some of my outtakes that didn’t make the cut. Thanks for looking.
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel counts money at his office before loading approximately $85,000 in cash into a plain paper bag, which he will hand deliver to the Department of Revenue in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owners Joel Berman (left) and Ryan Kunkel are pictured at their office as they load approximately $85,000 in cash into a plain paper bag, which they will hand deliver to the Department of Revenue in order to pay state sales taxes. Because they operate a marijuana business, they cannot store their money in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel counts money at his office before loading approximately $85,000 in cash into a plain paper bag, which he will hand deliver to the Department of Revenue in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel counts money at his office before loading approximately $85,000 in cash into a plain paper bag, which he will hand deliver to the Department of Revenue in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owners Ryan Kunkel (left) and Joel Berman are pictured at their office after loading approximately $85,000 in cash into a plain paper bag, which they will hand deliver to the Department of Revenue in order to pay state sales taxes. Because they operate a marijuana business, they cannot store their money in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel leaves his office with approximately $85,000 in cash in a plain paper bag, which he will hand deliver to the Department of Revenue in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel is pictured while counting money at his office before loading approximately $85,000 in cash into a plain paper bag, which he will hand deliver to the Department of Revenue in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Pictured in his car, medical marijuana dispensary owner Ryan Kunkel often has rubber bands on his wrists due to the large amounts of cash he often handles. Because he operates a marijuana business, he cannot store his money in a bank account and is forced store earnings in cash and pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel often has a multitude of rubber bands nearby due to the large amounts of cash he often handles. Because he operates a marijuana business, he cannot store his money in a bank account and is forced store earnings in cash and pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel is pictured outside of the Department of Revenue before hand delivering $85,000 in cash in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel is pictured outside of the Department of Revenue before hand delivering a bag containing $85,000 in cash in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 3, 2014: Medical marijuana dispensary owner Ryan Kunkel enters the Department of Revenue to hand deliver $85,000 in cash in order to pay state sales taxes. Because he operates a marijuana business, he cannot store his money in a bank account and is forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Medical marijuana dispensary owners Joel Berman (left) and Ryan Kunkel pose for a portrait. Because they operate a marijuana business, they cannot store their money in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana plants are seen on display for sale at Fremont Gardens, a medical marijuana dispensary in the Fremont neighborhood of Seattle. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana plants are seen on display for sale at Fremont Gardens, a medical marijuana dispensary in the Fremont neighborhood of Seattle. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Tyler Gilmore (right), manager of medical marijuana dispensary Fremont Gardens, attends to a customer. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Samantha Weyer waits to serve customers at Fremont Gardens, a medical marijuana dispensary in the Fremont neighborhood of Seattle. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: A marijuana strain called Cherry Pie is pictured at Fremont Gardens, a medical marijuana dispensary in the Fremont neighborhood of Seattle. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Samantha Weyer (left) sells marijuana to Josh O’Neal at Fremont Gardens, a medical marijuana dispensary in the Fremont neighborhood of Seattle. The owners of Fremont Gardens, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Charlie Fletcher, an employee at a Heart Cafe, heats up hash oil for patron Tyler Albery. The owners of Have a Heart Cafe, Ryan Kunkel and Joel Berman, cannot deposit business earnings in a bank account and are forced to pay taxes in person with cash. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana plants are seen growing at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana seedlings are seen growing at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana plants are seen growing at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Marijuana plants are seen growing at New Leaf Enterprises as the company president’s dog, Cyprus, walks nearby. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Shaina Sarono tends to marijuana plants at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Shaina Sarono tends to marijuana plants at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: New Leaf Enterprises president Dax Colwell shares a laugh with Shaina Sarono while she tends to marijuana plants at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Employees trim freshly harvested marijuana buds at New Leaf Enterprises in Seattle. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: An employee trims freshly harvested marijuana buds at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Nicholas Gohd trims freshly harvested marijuana buds at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Discarded marijuana leaves are pictured at New Leaf Enterprises in Seattle. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Zachary Purtell trims freshly harvested marijuana buds at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Dax Colwell, president of New Leaf Enterprises, shows some of his freshly harvested marijuana to Ryan Kunkel, a medical marijuana dispensary owner, at New Leaf Enterprises in Seattle. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: An employee applies tamper-proof seals to vapor pens at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Max Brown applies tamper-proof seals to vapor pens at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
SEATTLE, WA – JANUARY 2, 2014: Josh Page fills vapor cartridges with concentrated cannabis oil at New Leaf Enterprises. Marijuana businesses have had difficulty opening bank accounts recently. CREDIT: David Ryder for The New York Times
Last week I spent the afternoon at the Second Annual National Marijuana Business Convention and Expo, which was held in Washington state for the first time. I showed up to Emerald Downs in Auburn, WA for the third and final day of the convention to take pictures for Reuters. Apparently, 700 participants paid $600 to attend the sold out event, and they came from 30+ states. The conference had a very professional feel to it, with events that ranged from keynote speeches on how to perfect your pitch to investors, to workshops on how to expand your grow operation, to networking time on the expo floor full of booths and tables. I was impressed by the $63,000 cannabis oil extracting machine and the $1,400 LED grow lights. Pics are below; thanks for looking.
From right, Andy Joseph and Nate Ames, both of Apeks Supercritical, explain to participants including Matthew Abel, center left, how their product creates cannabis oil during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Participants are seen on the expo floor during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
A participant holds a business card for ShopMarijuana.com at the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Charles Ramsey, center, CEO of Agrisoft, talks business with Mark Goldfogel, left, co-founder of MJ Freeway, during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Participants measure a grow lamp at the Gro Wholesale booth during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Participants chat at the back of a speaker’s session during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Participants chat in a corner room during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
John Kovacevich, left, and Dallas Imbimbo, right, both of Kush Bottles, speak to participants about their products during the 2nd Annual National Marijuana Business Conference and Expo in Auburn, Washington November 8, 2013. REUTERS/David Ryder
Businessmen speak on their phones during the 2nd Annual National Marijuana Business Conference and Expo held at the Emerald Downs race track in Auburn, Washington November 8, 2013. REUTERS/David Ryder
On assignment for Reuters recently, I covered Privateer Holdings, a Seattle-based private equity firm that has raised millions for investment in the marijuana industry. Privateer has been quite successful so far with Leafly.com and seems poised for more success, although some other investors are more wary of the marijuana/cannabis industry. Have a look at the pictures here at Yahoo! News.
