Change in ownership looms for Aspen marijuana dispensary
June 29, 2016
Alternative Medical Solutions, one of downtown Aspen's seven recreational cannabis dispensaries, is set to change ownership for $382,000.
Steamboat Springs resident Kenneth Porteous is scheduled to appear Wednesday before the Local Licensing Authority regarding his application to buy the business, located upstairs at 106 S. Mill St.
Porteous is the lone stakeholder in Midnight Snack Holdings, the name of the company making the purchase. He said last week that if the sale goes through, and he's confident it will, that he'll eventually change the shop's name and seek a ground-level location.
This is Porteous' first crack at running a pot shop, but he has experience in the cannabis industry. In February, the Oak Creek Town Board approved his application to build a marijuana-cultivation facility. He also has a license to make marijuana-infused products.
City records show Porteous is receiving a loan for the entire purchase amount.
The sellers are Michael Lluria, Charles Karnes and Benjamin Bayko. Alternative Medical Solutions also sells medical marijuana products.
Recommended Stories For You
Its recreational store opened in October 2014; the medical shop opened in October 2009. Combined, they take up nearly 1,500 square feet.
Earlier this year, Denver-based Greenwerkz closed on its $8 million acquisition of the Green Dragon Cannabis Co., which comprised the Aspen shop and two Green Dragon stores in Glenwood Springs. The deal also included a 16,000-square-foot cannabis-cultivation facility in Glenwood.
Trending In: Marijuana
- Does cannabis cost, or pay? CCU study claims marijuana costs $4.50 for every $1 it generates
- Is marijuana revitalizing Eagle-Vail?
- Vail, Beaver Creek hotel concierge services assisting with pot-related questions
- Vail Resorts issues statement on mountain ‘smoke shacks’
- Approval granted for Green Dragon to change hands