DENVER – Sept. 14, 2021 – Throughout the United States, the cannabis industry has seen a dynamic and fast-paced shift as it becomes more mainstream for both medical and recreational purposes. In Colorado alone, the economic impact since the passing of Colorado Amendment 64 is staggering – impacting jobs, tourism, and tax revenue.
According to a July 2021 report, as of June 2020, 2,709 licensed marijuana businesses were registered in Colorado. Total revenue from taxes, licenses, and fees increased from $67 million in 2014 to $387 million in 2020. The amount of taxes transferred to the school capital construction fund and public-school fund increased 264%, from $33 million in 2015 up to $120 million in 2020. Additionally, House Bill 1090 passed in November 2019 has opened the door for out-of-state investors and publicly traded companies to invest in Colorado’s Cannabis industry. This has led to a flurry of consolidations, mergers, and acquisitions in the Colorado Cannabis market, a trend happening across the US.
As the highly regulated industry continues its rapid growth trajectory, solid strategies for consolidation, M&A activity, and IPO opportunities are more important than ever. Vaco, a talent solutions firm that provides consulting, contract and direct hire solutions around the globe, is hosting a Continuing Professional Education (CPE) hybrid event, virtual and in-person, to discuss investor expectations, controls and processes, and financial pain points and viable solutions as part of the company’s Blaze CPE Series.
“Financial challenges are among the long list of growing pains that cannabis companies are facing,” said Bea Sonnendecker, managing director of Vaco’s Denver office. “As the industry matures, barriers to entry become higher, creating a need for collaborative problem solving and strategic networking that does not exist within other industries. We’re excited to bring together the industry’s top leaders for an insightful discussion.”
The Sept. 21 event, Growing Pains: Financing Challenges as Cannabis Goes Mainstream, will be hosted both virtual and in-person and will be moderated by Sonnendecker. Industry experts participating in the panel discussion include Jared Benedict, executive director, accounting and transaction services, MorganFranklin Consulting; Terry Buffalo, CEO, American Cannabis Company; Wanda James, CEO and co-founder, Simply Pure Dispensary; and Frank Knuettel, CEO, Unrivaled Brands.
Participants are eligible to receive two CPE credits in the field of business management and organization.
Vaco delivers critical talent solutions to our clients by providing consulting, project resources, executive search, direct hire and strategic staffing solutions with expertise in accounting and finance, technology and operations. In addition to Vaco, our family of brands includes MorganFranklin Consulting, a methodology-driven global consulting platform; Pivot Point Consulting, a best in KLAS health care IT solutions provider; and Focus Search Partners, a retained executive search practice. Since its founding in 2002, Vaco has grown to serve more than 12,000 clients across the globe with 10,000 employees. Vaco has been named to Inc. magazine’s list of the fastest-growing private companies for the past 15 years and was named to Forbes’ 2018-2021 lists of America’s Best Recruiting Firms.