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MARKET ANALYSIS <br />At the June 11, 2024 Work Session, the City Council discussed if a municipal cannabis dispensary fit in the City’s <br />and liquor stores mission and vision statement, and the possible benefits to the community by controlling the <br />sale, and for generating revenue to reduce the property tax burden on residents as the liquor operation does. <br />Council consensus was to pursue a municipal dispensary and begin the lengthy due diligence process to come to <br />a final decision. The proposal from Voyager Cannabis to perform a market analysis to help inform that decision <br />was reviewed and approved, and the that analysis is attached to the memo. The presentation from Voyager <br />Cannabis will provide further discussion for the process of opening a Municipal Cannabis dispensary. <br />NEXT STEPS <br />The next steps such as the license application would be defined as more guidelines and requirements are <br />released from the Office of Cannabis Management. Though initially expected by the end of 2024, applications <br />for municipal operations are expected to open by Office of Cannabis Management in the first part of 2025. <br />Further discussion, planning and education is required to continue the process if the City Council feels it is <br />beneficial, and lead to a decision on opening a municipal dispensary. Staff will continue at the direction of the <br />council to proceed with the further due diligence involved for progressing towards the operation of a Cannabis <br />Dispensary. <br />DISCUSSION FOR COUNCIL FEEDBACK <br />Representatives from Voyager Cannabis are on hand to review the highlights of their analysis and answer any <br />questions you have. <br />ATTACHMENTS: <br />Presentation <br />10