Denver, Colorado, has always been a major attraction as a travel destination, and tourist numbers have put pressure on the hotel industry to ramp up. When state law was passed allowing nonresidents to purchase marijuana, tourist numbers shot through the roof. The only black spot to this situation was the ban on the public consumption of marijuana, hence tourists and residents had to sneak around to find where they can indulge. That is now changing. The Patterson Inn has made history across the country by receiving the first license to operate an indoor cannabis consumption lounge hosted within a hotel.
The Patterson Inn is housed in a luxurious castle and it is part of the 420 Hotels. Chris Chiari, the CEO of this hotel, says that he was first in line with his application once the city of Denver modified its rules in order to allow the licensing of consumption lounges for marijuana. A provisional license has been issued in this regard, and Chiari can’t wait to renovate the castle so that it is ready to welcome cannabis consumers at the end of this year.
To the CEO of 420 Hotels, marijuana hospitality is one of the novel developments in the overnight hospitality sector, and the group is excited to be the first to obtain authorization to open a consumption lounge inside hotel premises.
Chiari also sees the permission to operate a cannabis lounge as an important step in the fight to end the stigmatization of cannabis use and possession. He says he has been in this fight for about a decade and that those efforts are beginning to pay off. The ongoing renovations are being paid for by money collected through Republic.com, a platform that enables equity funders to find ventures they can support with their money.
The 420 Hotels is counting down the days until it can open its doors to people who are curious about cannabis as well as those who are seasoned consumers looking for a new experience with this versatile yet often controversial plant. It remains to be seen how this new development of allowing public consumption sites for marijuana will transform the industry not just within Colorado but across the nation where prohibition was ended.
As prohibition and stigmatization is peeled back layer by layer, the market will keep broadening for established firms such as Advanced Container Technologies Inc. (OTC: ACTX) in the different jurisdictions where they operate.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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