Despite California being one of America’s largest cannabis markets, Santa Monica has only just opened its first dispensary.
The medical cannabis dispensary owned by Massachusetts-based Calyx Peak, Local Cannabis Company, requested a permit to open six years ago in 2017, however, was only granted approval for the permit in 2021.
CEO of Calyx Peak Erin Carachilo told High Times: “It’s six years on from when they decided to do this and look where the market for cannabis is right now. And not a lot of people have medical cards, because they don’t need them anymore.
“Since we’ve opened, we’ve only had about a 20 percent conversion rate. I think it’s closer to 10 percent, but you can see how far off that is, it’s people just not wanting to wait.”
Only one other dispensary, Harvest of Santa Monica has so far been approved to open in the State. The dispensary received its approval in January 2022 however, it has yet to open.
At the end of 2022, Santa Monica voted to approved Measure HMP. High Times reports that the measure implements taxes for: non-medical cannabis retailer; medical retailers; and, all other licensed cannabis businesses.
Carachilo added: “This area should easily make 10 million, especially given how many visitors come to Santa Monica.”
