Small businesses are thriving in Colorado. As a business friendly state that offers great accommodations to businesses who set up shop in Colorado and create jobs for Coloradans, it is the perfect state for a recent legislative change that legalized the use of recreational marijuana. Innovative new business ideas have popped up all over the state, employing hundreds of additional people and adding various types of industries to the business climate that never existed before. Banking, regulating, and selling are all creating additional jobs for both those who are growing and selling marijuana but also those who are regulating it and overseeing the various issues surrounding it, such as banking and taxing. The increased revenue from legalized marijuana has also helped the state’s coffers by bringing in millions of dollars of additional revenue since the law was passed. As a state that is required to pass a balanced budget every fiscal year, the revenue has been much appreciated.
Businesses such as banking, which are in a tricky spot, have found ways to create banking systems specifically for marijuana dispensaries. Because of the conflict with federal law, other, state-specific banking mechanisms have been developed to accommodate the rise of marijuana dispensaries. Retailers have opened up across the state, filling vacant store fronts and bringing in more business and revenue for both their neighbors and their landlords. Entrepreneurship is thriving in the marijuana dispensary industry in Colorado as it responds to customer demands for good customer service, a variety of locations, and loyalty and rewards programs, just like any other retail industry.
This demand has led to the development of a variety of business models that have been adopted from other industries. CannaCash has built a cannabis rewards program for users of its marijuana app, which allows customers to find locations participating in the rewards program offered by CannaCash and both earn and redeem rewards at any of the participating locations. The marijuana app helps connect customers who are interested in the cannabis rewards program with vendors who are participating in it, and it is a win-win for both retailer and customer. Encouraging loyalty and repeat business by offering perks and discounts for customers who visit regularly offers the best of both worlds. The marijuana dispensaries have a stable customer base that can be counted on to maintain their revenues, and the customer gets deals that they would not be able to find elsewhere.
It is examples such as these which make Colorado one of the best places for a small business to start, or for any business to move to. The vast variety of business models available throughout the state make it an innovative and problem solving state that can adapt quickly and handily to the next big challenge or big opportunity. Marijuana dispensaries and the industries they have spawned are just one of many other examples of the ways in which Colorado residents and business owners can succeed. When businesses succeed in Colorado, so too do its residents and its tax revenues.