When San Francisco approved REC in 2017, its Board of Supervisors stipulated that a progress report be filed at the end of two years. That 105-page report became available this week, and two issues leapt out as areas of concern: A backlog of equity applicants and the retail oversaturation risk.
- The City officially has 212 permitted cannabis businesses — 37 of which are dispensaries — operating within its limits. In the queue are 277 equity permit applications. Of the 212 permitted businesses, according to the report, “the actual number currently operating is likely closer to 118.”
- If 73% of San Francisco equity applicants are approved, according to the report, space and possibly commercial demand could become inadequate.
- “By putting in the work and partnering with an experienced tax professional, cannabis operators will be able to avoid penalties, limit their audit risk and stay on track with their business goals.” Perhaps Tax season is here.
Cannabis Industry Journal