Colorado’s first marijuana enterprise tax incentive is fueling the Canadian firm’s enlargement
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Canadian cannabis investment firm Slang Worldwide is set to expand its operations in Colorado significantly as a result of the state’s first tax incentive offered to a marijuana company.
Governor Jared Polis, the Colorado Office for Economic Development and International Trade and Slang, made a joint announcement on Dec. 14, in which he reported that slang will add 43 new jobs to its Colorado outpost, thanks in part to state tax credits for job growth of $ 584,399 over the next eight years. To get the full tax credit, slang must create all 43 jobs with an average annual salary of $ 75,000.
According to Polis’ office, Colorado has hit California and Oregon as the location for Slang’s newest addition.
“Colorado is still the epicenter of the growing cannabis industry. So we’re excited about the company’s wise decision to move and create jobs in our beautiful state. Colorado’s cannabis industry offers strong growth potential, and this move speaks volumes for the cannabis industry and the entire community of our state, ”a Polis statement said.
According to CEO Chris Driessen, Colorado’s marijuana regulations, state taxes and lawmakers made Slang’s decision to move more resources to the Rocky Mountains rather than other legal pot markets.
“The regulations are nowhere near as business conducive [in California] how they are here, ”he explains. “When you look at the industry here, when you look at the regulations, and now when you look at the politicians and what they are doing to support and grow this industry – I want to be where they want us, and of course us are searched here. ”
Slang is a publicly traded acquisition company on the Canadian Stock Exchange. In the past two years, Slang has acquired several marijuana companies in Colorado and currently employs 75 people between a Boulder facility and the company’s US headquarters in Denver. The latest expansion will include additional positions directly related to Colorado production such as: B. Project managers, laboratory technicians, and refinement and production technicians, as well as corporate jobs supporting slang companies in other states.
“Our store is in thirteen states, our products are available in thirteen states, and nearly 3,200 retail stores. Much of the support for this will now come from Denver, ”adds Driessen.
The Toronto-based company has interests in several well-known marijuana brands, including O.pen Vape, District Edibles, Cookies Fam, and Firefly Vaporizer. Slang also recently agreed to buy the Pleasant Valley Ranch, an outdoor and greenhouse marijuana production facility in Carbondale.
While the tax incentive marks a milestone for the marijuana industry, Driessen sees it as a long time and expects more pot-friendly business incentives across the country if the plant is legalized at the federal level.
“We are taxed at a high rate at the federal level, but this is also normal practice. You look at tourism, technology and petroleum – tax incentives are normal for everyone [industries]. Why shouldn’t it be for cannabis, especially since it’s one of Colorado’s fastest growing industries? “, He asks.” I think Colorado is preparing to be a player on the national and even international stage because it has been so progressive with its cannabis policy. “
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Clara Geoghegan is a graduate of the University of Colorado Boulder where she studied anthropology with an emphasis on public health. She worked at Radio 1190’s News Underground and freelanced for Denverite. She is now the cannabis intern at Westword.