Strategies 64 Blog

S64 in the News: Politico Magazine

June 13, 2024

Politico Magazine took a look at the downturn in Colorado’s cannabis market and the factors that contributed to a growing number of business closures and employee layoffs over the past couple years.

A messy assortment of factors has led to the pioneering industry’s struggles. A supply glut caused weed prices to plummet in the wake of the pandemic. The spread of cheap, largely unregulated intoxicating hemp-derived products further heightened competitive pressures. And marijuana remains federally illegal, subjecting operators to sky-high taxes and costly regulations.

Strategies 64 partner Jordan Wellington was among the experts Politico reached out to for insight:

“We’re a victim of our own success,” said Jordan Wellington, a partner at Denver-based cannabis policy and public affairs firm Strategies 64. “New markets drawing investment away, new markets drawing purchasing away — all of these different things combined into the soup of the challenges [facing] Colorado.”

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