Vail developer to take majority control of Native Roots marijuana retail shops
October 5, 2016
ASPEN — Real estate developer Peter Knobel, who was behind the $250 million Solaris Residences project in Vail, is on track to become the majority owner of an Aspen marijuana shop and its sister locations throughout Colorado.
The Local Licensing Authority on Tuesday blessed the corporate ownership changes of three Aspen pot dispensaries including Native Roots, where Knobel will take a 67 percent ownership stake pending the state's approval.
The Native Roots store at 308 S. Hunter St., which goes by the corporate name RJJ Aspen, had to go through the Local Licensing Authority as one step in its overall restructure process.
Effect of Restructure
Knobel's Brightstar LLC will see its ownership of the Aspen shop and the Native Roots company climb from 50 percent to 67 percent. The restructure applies to both the recreational and medical stores within the chain.
Josh Ginsberg, a Boulder resident who has held a 25 percent stake, will see his ownership drop to 15.34 percent. Stake owned by Rhett Jordan of Denver, also a 25 percent owner, will drop to 13.34 percent. New stakeholders will include Sharon Puczynski, of Vail, with 1 percent, Denver resident Mickey Krieger with 1.32 percent, and Jon Boord, of Vail, with 2 percent, according to an application on file with the city Clerk's Office.
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The restructure applies to the entire Native Roots chain, Ginsberg confirmed by phone.
"It's company wide," he said.
Knobel could not be reached for comment.
Knobel, Jordan and Ginsberg are considered some of the biggest players in Colorado's marijuana industry. The Denver Post reported in May that the trio held 134 marijuana business licenses in the state capital as of April 15.
Native Roots opened in Aspen in January 2015. Its store sells both medical and recreational cannabis. The Colorado chain has 16 locations across the state. Dave Cuesta, the chief compliance officer for Native Roots, appeared on behalf of the Denver-based chain before the Local Licensing Authority.
Native Roots opened in Eagle-Vail in August 2014.
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