Fourth pot shop coming to Worcester
Photo | Michael Grattaroti
Peter DeCaro, center with scissors, at Resinate's ribbon cutting in Worcester.
Resinate, the promised fourth marijuana shop in Worcester, can’t sell pot yet.
But that didn’t stop CEO Peter DeCaro and more than 100 friends from participating in a ribbon cutting at the 6,500-square-foot Millbury Street dispensary Thursday night.
“We passed all of our inspections and are waiting for the Cannabis Control Commission to say go,” he said.
The final approval could come at the CCC's next meeting scheduled for Dec. 19. If the state regulator gives them the green light, Resinate could open within days.
The 45-year-old Worcester native said the city was his first choice to open a shop.
“I’m a local guy, I attended high school in Worcester, graduated from Clark University, this is my backyard,” he said. “We are truly a locally-owned and operated business.”
DeCaro said he expected to have first year revenues in the $8-million to $10-million range. Under the terms of an agreement with the city, Worcester would get 3%, or from $240,000 to $300,000.
On why DeCaro chose a gritty section of the city facing Route 146 to launch his medical and recreational pot shop, he said when marijuana was legalized for medicinal use, zoning was not established. As a result, he was able to build as of right he said.
“It’s not your typical target for a retail location, but it fit the city's parameters for where they wanted cannabis companies to be,” he said. “While that’s changed, the truth is, I am extremely happy with the location,” he said.
Worcester’s first marijuana dispensary, Good Chemistry, opened last year for medical pot sales and in May it began selling recreational weed, after getting CCC approval.
The Botanist followed with a medical marijuana store on Pullman Street.
The city’s Worcester’s third medical marijuana dispensary, Mission Massachusetts, opened in May on Lincoln Street.
The city has a limit of 15 potential retail marijuana stores.
Timothy Murray, the Worcester Regional Chamber of Commerce CEO, said the city has been aggressive in welcoming the cannabis industry in the wake of the voter’s approval at the polls.
“It means jobs, tax base expansion and an array of options for consumers,” he said. “Lots of business owners new to the industry, want to do it the right way and are taking the time and effort to do so. It's a substantial investment.”
With so many pot firms in the pipeline, Murray said the market will decide the winners and losers.
“It’s like any other industry, some will succeed and others might have challenges,” Murray said.
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