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About The daily Astorian. (Astoria, Or.) 1961-current | View Entire Issue (Nov. 13, 2018)
5A THE DAILY ASTORIAN • TUESDAY, NOVEMBER 13, 2018 Dispensaries: ‘Investors are coming in. They see an opportunity’ Continued from Page 1A Investors coming Now out-of-state investors can contribute as much as they want to Oregon cannabis busi- nesses, bankrolling new fran- chises. One of the most nota- ble examples is Portland-based chain Chalice, which has taken on millions from Canadian investment firms to open new franchises across the western U.S. and Canada, according to Willamette Week. More than 1 in 5 of the state’s dispensaries belong to a chain, the newspa- per reported. “Investors are coming in,” Whitney said. “They see an opportunity. They are see- ing a certain level of distress in the market. That distress is allowing them to buy high- value properties at a discount. They see this as an arbitrage opportunity.” Another reason for the rush of outside capital is that mar- ijuana business owners can’t access traditional financing, such as loans, because of fed- eral prohibition, Whitney said. The clearest example of outside investment locally is Hashstoria, a marijuana store in Uniontown. The business is registered to Charles Del- valle from Eugene and Canty Ventures, an angel investment firm from Florida embrac- ing nontraditional, emergent industries from cannabis to cryptocurrency. Hashstoria’s ownership was not imme- diately available for com- ment. On his Instagram pro- file, Canty founder Jedd Canty announced the company would be establishing a sec- ond location in Springfield. Small shops surviving Whitney sees smaller shops and growers being squeezed out of the cannabis market as prices continue to stagnate. “Those mom and pop shops that don’t have access to cap- Edward Stratton/The Daily Astorian Marijuana store Mr. Nice Guy hopes to open its new location along Bond Street next month. ital, they’re the ones that are going to be priced out of the market first,” he said. April Smith and her fam- ily bought out the previous owners of The Farmacy, a standalone marijuana store in Uppertown, earlier this year. Previously a behavioral health and addiction treatment ther- apist in Washington state, Smith said she had seen how well cannabidiol, a nonpsy- choactive compound in can- nabis with medical uses, had helped people escape addic- tion to hard drugs. The Farmacy includes a retail shop and a grow oper- ation under a separate com- pany in the basement. The ver- tical integration from seed to sale allows more tax write- offs under the section of the IRS tax code limiting cannabis producers to business deduc- tions attributable to produc- tion activities. “To be able to be success- ful, you have to have a way to optimize everything,” Smith said. Smith regularly fields let- ters and calls from people wanting to buy her operation, mostly from out of state, she said. The shop isn’t opposed to taking on investors or expand- ing. “At the moment, we’re just a family shop, and we’d make a family decision,” she said. The Hashtoria marijuana shop in Uniontown has utilized out-of-state investment from Florida. Colin Murphey The Daily Astorian Policy: Agreements with other fire departments help cover any gaps in coverage ‘MY CONCERN IS JUST ADEQUATE STAFFING.’ Continued from Page 1A district’s board wanted to cre- ate regulations as a proactive way to balance the needs of the state while making sure the district is covered. “My concern is just ade- quate staffing,” said Bob Cerelli, a board member who voted for the policy. While in support of the pol- icy’s objective, board member Sharon Clyde didn’t feel the rules did enough to ensure the fire chief would lead the fire district during its busiest time. “In my opinion, you have to look at it as a worst-case scenario,” Clyde said. “This whole thing started because of how much time he was gone last year. Now, this policy has him gone half the summer potentially.” Benedict, however, THE DAILY ASTORIAN T UESDAY E VENING A (2) (-) (-) (6) (-) (8) (9) (10) (12) (13) (-) (20) (-) (29) (30) (31) (32) (34) (35) (36) (38) (39) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (56) (57) (58) (61) (63) (64) (65) (162) L KATU KOMO KING KOIN KIRO KGW KRCW KOPB KPTV KPDX KCPQ TBS KZJO ESPN ESPN2 NICK DISN FAM FMC LIFE ROOT FS1 SPIKE COM HIST A&E TLC DISC NGEO TNT AMC USA FOOD HGTV FX CNN FNC CNBC BRAV TCM SYFY RFD (2) (4) (5) (-) (7) (-) (3) (10) (12) (-) (13) (20) (22) (29) (30) (31) (32) (34) (35) (36) (38) (39) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (56) (57) (58) (61) (63) (64) (65) (162) 6 Bob Cerelli | a board member who voted for the policy Colin Murphey/The Daily Astorian The Cannon Beach fire district wants to restrict how often firefighters are deployed elsewhere during the summer. strongly disagrees with the policy, viewing it as board overreach that will make run- ning the fire district efficiently a challenge. “I feel the board is attempt- ing to micromanage the fire chief position,” Benedict said. Benedict argues there are already measures in place to ensure the region is prop- erly covered. Before anyone gets sent outside of the area for a fire, it is protocol for a fire chief to weigh factors like weather conditions, whether there are enough volunteers in town and other special cir- cumstances before deciding to commit resources. He also has championed conflagration calls as invaluable training opportunities for volunteers. With an entirely volunteer fire department, it’s possible everyone could be unavail- able any time of year, not just during the summer, and implementing restrictions won’t change that reality, he said. Mutual aid agreements with other fire departments help cover any gaps in coverage. Board member Mark Mek- enas agreed with Benedict and voted against the changes. “We hired the man to do WANTED Alder and Maple Saw Logs & Standing Timber Northwest Hardwoods • Longview, WA SCHEDULE A - Charter Astoria/ Seaside - L - Charter Long Beach the job. We trust this guy,” Mekenas said. “He’s only going to go if he knows things are good and taken care of.” Garry Smith, the board president, said he sees the pol- icy as a work in progress, and is willing to work with dis- senting board members and Benedict to reach common ground. “This elected body was elected by the taxpayers to look out for the interest of the district,” Smith said. “A busi- ness has to run with a set of rules and regulations, and they’re not always a popular set of rules and regulations.” Contact: John Anderson • 360-269-2500 Evening listings TUESDAY N OVEMBER 13 PM 6:30 7 PM 7:30 8 PM 8:30 9 PM 9:30 10 PM 10:30 11 PM 11:30 Jeopardy! (N) KATU News at 6 (N) Wheel Fortune (N) The Conners (N) Kids-Alright (N) Black-ish (N) Splitting Up (N) The Rookie "The Switch" (N) News (N) (:35) Jimmy Kimmel KOMO 4 News (N) Wheel Fortune (N) Jeopardy! 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