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
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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
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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.”
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