Weed entrepreneur brings in over $1 million a year running 'bud and breakfast' hotels. via CNBCMakeIt
Joel Schneider had a long and successful career as a lawyer on Wall Street."I practiced law for 30 years and hated it."
Revenues last year averaged $110,000 a month, as Schneider expanded to three properties with hopes of franchising to other pot-friendly states like California.For one thing, Schneider jumped in with both feet. He didn't know Colorado, he didn't know the marijuana business, and he'd never run a hotel. When he arrived in 2014, he"bought a bunch of businesses," including a tour company, a lounge, a bus, a newspaper, a radio station, and a glass-blowing company.
That's when he got the idea for opening a cannabis-friendly hotel, even though smoking isn't allowed in hotels. Schneider discovered that B&Bs are considered private property, which would give him more flexibility."Now it was up to me to find the right private property," he said.Schneider sold all of his other cannabis ventures and used $100,000 to buy his first B&B.
"When we first started, I couldn't get a bank," Schneider said. Even though he'd been a client at Chase for 20 years,"Chase closed me down." "I get up at 4:20 it seems like every morning to get high," Schneider said."I tell my guests, 'Come down in your underwear, probably there's going to be someone else sitting in their underwear, too, and you can just pass a joint with each other.' That's what I want, I want them to feel like they're home."
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