Latest Business Expansion
Tough day at the office? Unwind at your favorite neighborhood …. Cannabis Lounge? Sometimes you want to go where everybody knows your name, even if they cannot remember what it is. For cannabis entrepreneurs, the next innovation is on the horizon as the Denver City Council gave final approval to new regulations for cannabis delivery and consumption lounge.
What is so surprising is not that the regulations passed, but that the regulations passed unanimously, with no comment.
Potential Vertical Business Opportunity
Regulation approval and business expansion is key as Colorado is a leader in demonstrating effective and realistic cannabis business models. What is seen to be working in Denver and Colorado is a model for other states to adopt and adapt. In Denver, the programs are expected to be fully implemented by July, giving ample data by year end.
Colorado lawmakers had approved statewide delivery and social use rules in 2019, though the law requires local municipalities to opt into the program.
Under the new delivery rules, licensed businesses will be allowed to conduct deliveries until the dispensary closing time of 10 pm. Orders can only be delivered to residential addresses and deliveries will be limited to just one ounce of flower, eight grams of concentrate, or edibles containing up to 800 milligrams of THC. Customers placing orders will also need to show picture ID.
What is particularly interesting is the new social use regulations will allow more types of businesses to apply to become a cannabis lounge. The regulations legalize indoor smoking, micro-sales, and mobile lounges. Businesses must maintain a 1,000-foot buffer between themselves and any daycare, drug treatment center, park, or other city-owned recreational venues.
The opportunity stands to benefit both dispensaries and vertical adult-oriented establishments such as restaurants, taverns and brick and mortar shops and services providers. The shift represents Denver’s most significant overhaul of cannabis regulations since the 2014 opening of adult-use cannabis marketplace.
Manage the Risk of Cannabis Lounges and Delivery
With new ventures and innovation comes risk. It is not at all difficult to forecast the anticipated revenues at the same time we consider expanded risk protection. Risk protection through professional and general liability insurance, small business, and comprehensive protection. Talk to your Aspen Insurance advisor for trusted advice on coverage for today and the future.
Aspen Cannabis Insurance is in Denver, CO, and services clients nationwide. We are a family run business working with multiple insurance carriers to offer our customers the coverage they need at the lowest possible cost. We offer a wide range of personal, commercial, and professional insurance to residential and commercial customers enabling the cheapest rates available. Call to speak to one of our insurance professionals and see how painless insurance shopping can be.