Diego Pellicer Worldwide Inc. opened a second high-end marijuana shop in Denver at the site of a dispensary raided by federal authorities in 2013.
The Seattle-based cannabis real estate developer says it’s collecting rent from the Denver store and the Sodo flagship as of March 1. Diego Pellicer says that’s an important milestone because the first phase of its business model relies on its branded tenants’ success and ability to pay rent.
With rent commencing in all of our branded locations, Diego Pellicer can now focus on expansion and new acquisitions as we increase our market share and follow our growth strategy to drive shareholder value,” CEO Ron Throgmartin said in a news release.
Diego Pellicer Worldwide’ will continue to expand in Colorado and Oregon and has labeled California and Florida as “huge markets,” Throgmartin said.
Diego Pellicer Worldwide does not grow or sell marijuana products, but rather buys and develops real estate for marijuana shops and production facilities to rent to tenants that license its premium cannabis brand.