Medical marijuana dispensaries in Loveland must close by today: $85,000 in revenue earned

In November, Loveland voted against allowing medical marijuana dispensaries -- and today's the last day they can legally operate in town. Of the fourteen centers in business late last year, Loveland revenue manager Jim Wedding says seven have already shut down, with the rest presumably following today. How much will this move cost the city?

From the time when the first MMJ dispensaries opened in Loveland, about a year and a half ago, through December, Wedding says around $85,000 in sales tax revenues has been generated. "As a percentage of our overall sales tax, it's less than 1 percent," he notes. "Which is not a lot of money for us in the big scheme of things."

After the vote, Wedding reveals that members of his office "met with each of the individual owners and did audits just to make sure they've been remitting properly, and we found the normal discrepancies. It didn't look like there was intent on anyone's part, just bookkeeping issues like you see in any other audit."

Then, last week, "we sent out a letter reminding them that today is the deadline. If they intend to stay in business and not sell medical marijuana, they need to contact our office and update the license for their operation. If they're closing, they need to let us know that, too, so we can cancel their tax account. And if they continue to sell medical marijuana past the deadline, it's still taxable, but they'll also be subject to penalties and fines" of up to $1,000 per day/occurrence and a maximum of one year in jail.

Regarding the revenue loss, Wedding asks, "Could we use the $85,000? Yes. Is it going to be the solution to the situations we currently have? No."

More from our Marijuana archive: "Medical marijuana lawsuit against Westminster could challenge all local dispensary bans."

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9 comments
Patientlawsuit
Patientlawsuit

As reality comes into focus--Don't just quit--fight back!

Send donations to the Patient and Caregiver Rights Litigation Project. Our lawsuit attacking ALL unconstitutional provisions in hb1284. That includes ALL local licensing and bans. cannabislawsuits.com

If you want to pay the attorneys directly, email us at patientlawsuit@yahoo.com

Christian Conser Vative
Christian Conser Vative

Jesus said to do unto others as we would have them to do unto us. None of us would want our child thrown in jail with the sexual predators for using a little marijuana. None of us would want to see our parent's home confiscated and sold by the police for growing a couple of marijuana plants to ease the aches and pains of growing older. It's time to stop putting our own families in jail. It's time to let ordinary Americans grow a little marijuana in their own back yards, and it's nice to see our culture coming to terms with this in a more wholesome fashion. Too bad Loveland is shutting down these small businesses; these regulated sales outlets would go a long way toward putting the criminal drug gangs out of business for good!

Caregivers Win
Caregivers Win

Now the private caregivers win.

Cannacare68
Cannacare68

Victory dispensaries in loveland! We just filed suit and plan to stay open and fight back. Come down to Colorado Canna Care @ 129 S. Cleveland in Loveland and get a free gram on me!! Refer your friend and get a free gram as well! Just say Ty reffered you! Open 7 days a week till 8 pm and have over 1000 CLONES on hand!

thedawg
thedawg

One more reason to not spend money in Loveland CO.. They're city motto should be "Loveland: Gateway to Longmont"

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