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Blunts + Moore, the first social equity cannabis store nationwide was closed this past March.
Alphonso "Tucky" Blunt Jr., who grew up in Oakland during the War on Drugs era, was the first person to open a dispensary under Oakland's Cannabis Equity Program in 2018. Now the store is no longer selling cannabis as Blunt's landlord refused to renew his lease.
Green Market Report's John Schroyer called Blunt's story "a cautionary tale for cannabis entrepreneurs with dollar signs in their eyes, a warning signal that the marijuana trade is not an easy one in which to find success."
Amber Senter, a social equity advocate and owner of California brand Makr House, said the California cannabis regulatory landscape is challenging toward small businesses as well, not social equity programs per se. "We're going to see many more business closures across the board," Senter said.
For Blunt, having a cannabis business license doesn't equal success. Arrested in 2004 for cannabis possession with the intent to sell and placed on felony probation for a decade, Blunt who was once exposed to the harsh realities of the criminal justice system, said he plans to venture into a cannabis delivery business and possibly special cannabis-related events.
"I didn't look at it as closing," Blunt wrote in an email to GMR. "It was a pivot/relocation. Closing makes people think it can never reopen, which isn't true."
Read Also: 65 Outstanding Black And Hispanic Men Leading In Cannabis, Beyond Snoop Dogg And Wiz Khalifa
In the meantime, East Coast is about to get its largest retail cannabis store. The three-story cannabis retail location at 719 Seventh Ave. in Midtown Manhattan will open its doors to customers this fall, as reported by Crain's New York's Julianne Cuba.
A collaboration between James Mallios — a hospitality and real estate attorney and managing partner of restaurants on Long Island and in New York City — and William Norgard, a U.S. Army veteran who was in a legal spat with the state over eligibility requirements for the rollout of its legal marijuana shops resulted in the Seventh Avenue location, also called 30 Times Square.
Norgard sued the state for allegedly favoring applicants who had to be subjected to the criminal-justice system for a cannabis-related offense over disabled veterans. That case was settled in Norgard's favor last year after which the business duo was granted a provisional license by the state to open the store, according to state records.
"We're excited to, in the fall, unveil what is possibly the largest retail cannabis store on the eastern seaboard, in the middle of arguably one of the most visited places on the planet," said Mallios of approximately 10,000-square-foot space for which a 20-year lease was signed under the limited liability company 2 Forest Park Lane.
Read Next:
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
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