Businesses spend major to prepare for legal income

Marijuana firms are shelling out tens of millions to expand their operations and buy new professional medical licenses in Arizona, as the passage of Proposition 207 by voters on Election Day will permit revenue of leisure cannabis to adults in about four months.

The businesses are anticipated to employ thousands of staff members to satisfy the need for authorized marijuana, just one government said Thursday.

Some present dispensaries had now started out expansions in anticipation of the evaluate passing, and the unofficial vote tally set off a new spherical of acquisitions this 7 days as providers snap up the restricted dispensary licenses available to prepare for a bustling leisure sector.

“We are now developing walls and pounding nails,” reported Steve Cottrell, president of Curaleaf Arizona. Wakefield, Mass.-based mostly Curaleaf has 8 healthcare-cannabis dispensaries in Arizona and 95 clinical and recreational cannabis outlets in 23 states.

He reported the organization is paying about $4 million on updates at current Arizona outlets in anticipation of leisure revenue, and has prepped for about eight months. Its Glendale shop is additional than doubling in dimensions to 5,000 sq. ft, he stated.

“These are all construction initiatives that have been approved by just about every municipality,” he said.