A Colorado cannabis dispensary chain is closing all its locations as sales slow and economic uncertainty impacts the industry.
According to Westword, Buddy Boy Brands will close all seven of its locations on June 17.
Owner John Fritzel told the publication that his company’s sales could no longer support the business.
He predicted that more operators within Colorado’s cannabis market could be similarly impacted.
"When you've got that kind of overhead, you just can't keep that going. We would love to, but there's not enough capital in this market,” he said.
About 90% of Buddy Boy’s sales came from medical cannabis but those numbers fell dramatically following new rules.
Earlier this year, Colorado began limiting daily sales of medical cannabis to 8 grams, down from the previous 40 grams allowed.