Marijuana operator Green Dragon is shutting down its Denver cultivation facility, resulting in 45 workers losing their jobs.
Colorado’s lackluster cannabis market is the primary reason for the closure, according to Cory Azzalino, CEO of Green Dragon’s California-based parent company, Eaze.
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“It’s not economical despite our team’s best effort to improve yields,” Azzalino told Denver-based news outlet BusinessDen.
“At the end of the day, the facility costs substantially more to run than to buy product in the market.
“You’d either have to double yield or have the market price double for it to make sense.”
The average price for a pound of flower is $655, down from roughly $1,300 in October 2021, BusinessDen reported, citing Colorado Department of Revenue data.
Denver’s minimum wage
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