![]() (The term “schwazze” comes from the company’s trademarked “Three A Light” technique for increasing the yield of indoor cannabis grows.) In addition to its retail shops and cultivation and processing sites, it owns a nutrient line, a consulting firm, and intellectual property for a growing method. Former Governor John Hickenlooper, who is running for Senate in the Colorado Democratic primary, vetoed that bill in 2018. “Schwazze,” Dan Pabon, the company’s general counsel and chief government affairs officer told Cannabis Wire, “was designed from its inception to be a publicly traded vehicle should the law ever change.” Pabon is a former state representative and sponsored the first attempt at opening up the cannabis market, HB 1011. The Department of Revenue’s Marijuana Enforcement Division approved its application this March. Schwazze-known until this April as Medicine Man Technologies-was the first Colorado cannabis company to become publicly traded. Only Colorado Christian University and the City of Commerce City lobbied against the bill. Dispensaries such as Buddy Boy, Lightshade, and The Green Solution also pressed hard for the bill’s passage. ![]() Both Schwazze and LivWell hired lobbyists to push for the bill as it made its way through the legislature. ![]() Before this law passed, Colorado businesses felt they couldn’t attract opportunities with national investors because of the state’s strict ownership requirements.Ĭannabis companies in Colorado lobbied aggressively for HB 1090. The result has been consolidation and an injection of capital into the cannabis industry. House Bill 19-1090, which went into effect in November 2019, repeals the restriction on publicly traded companies holding a marijuana license and also lets qualified privately held investment companies hold a license. Combined, as of this month, they own nearly one in twelve adult use dispensaries in Colorado. As a result of the law, the state’s two biggest companies, Schwazze and LivWell, have been expanding rapidly. “Harvest Junction is a dominant center in a rapidly growing area north of Denver, making it a great addition to the buyer’s portfolio in the market,” Murray commented.Big Colorado cannabis companies are expanding their footprints under a new law that opens up the industry to out-of-state investors. There reportedly were multiple offers for the property. ![]() ![]() Major tenants in the center, completed in 2006, include Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Best Buy, Bed Bath & Beyond, Michaels, Staples, Petco, DSW and Dollar Tree. It is situated on the north and south sides of Ken Pratt Boulevard. Harvest Junction sits on 46.15 acres of land at 205 and 210 Ken Pratt Blvd., the main east-west corridor between Longmont and Interstate 25. It ran the gamut – pretty much every investor type was looking at it,” Murray said. “There was a ton of activity, especially for a power center in today’s market. “The sale demonstrates the continued investor appetite for well-located, high performing retail real estate in the greater Denver area,” said Holliday Fenoglio Fowler Director Chad Murray, who represented the seller with HFF Director Aaron Johnson and Managing Director Barry Brown. RPT Realty sold Harvest Junction, which was fully leased at the time of the sale. A full spectrum of investor types took a look at buying the Harvest Junction retail center in Longmont, which records show sold for $61.15 million, or $166.20 per square foot.Ī partnership of Chicago based private equity real estate firm Walton Street Capital LLC and Alberta Development Partners, a Greenwood Village based developer and investor, purchased the 367,918-sf center. ![]()
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