Three booming businesses that make Denver stand out

A concert venue built into a natural rock formation outside of Denver, CO

Amy Sparwasser | iStock Editorial | Getty Images

This story is part of CNBC’s quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.

Two cities in Colorado are experiencing tech-fueled economic booms, with Denver’s skyline transforming and Boulder’s gross domestic product surging. This growth is driven by a mix of factors, including a strong military presence, leading universities, and a focus on high-tech industries such as aerospace and quantum tech, as reported in CNBC’s primetime special “Cities of Success: Denver & Boulder,” which airs April 11 at 10 p.m. EDT.

However, the influx of people and businesses has brought challenges like a growing homeless population, affordability issues and infrastructure strain. 

While the tech boom benefits both cities economically, Denver stands out because it continues to see growth in other areas: professional sports, a popular outdoor recreation venue, and a cannabis industry that is expected to see double-digit growth in the future.

Cannabis correction, not retreat

Marijuana plants at a grow facility in Denver.

Matthew Staver | Bloomberg | Getty Images

In the past decade, legal marijuana sales have added a staggering $15 billion to Colorado’s economy, with nearly $3 billion of that coming from taxes.

“Cannabis is a strong sector. [It represents] tens of thousands of jobs in Colorado — billions of dollars of economic activity,” Colorado Gov. Jared Polis told CNBC in a recent interview.

The city of Denver has benefited significantly, with marijuana sales surpassing $6 billion since 2014. According to data from the Denver Department of Excise and Licenses, the city’s marijuana tax revenue collection crossed the half-billion mark last year, hitting $501.5 million in August 2023.

Despite being a national trailblazer since 2014 — when it was the first state to legalize recreational marijuana — the Centennial State’s cannabis industry has been experiencing a significant decline following the pandemic.

A recent report shows a 24% drop in Denver’s cannabis revenue compared with 2021. Despite this dip, Polis told CNBC that he remains optimistic about the future of marijuana.

Industry experts predict a return to growth. The governor’s Office of State Planning and Budgeting forecasts a 16% revenue increase for the state overall in 2024, highlighting the industry’s long-term potential.

“There is still healthy growth

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Car-free portion of 17th Avenue would be a no-go for many businesses

‘If we were to do something, would we trial it for one day? Would we trial it for a weekend? It would have to be a bit of a test’

Published Apr 07, 2024  •  Last updated 5 days ago  •  5 minute read

Pedestrians walk past rows of parked cars on 17th Avenue in Calgary on Sunday, April 7, 2024. Brent Calver/Postmedia

As snow melts and shovels are put away, many Calgarians will flock to patios and shops on 17th Avenue, while still being able to park — and drive — on the street.

Based on the results of a survey conducted last year and the amount of stakeholders within the 17th Ave. Business Improvement Area (BIA), it is unlikely Calgarians will see a “car-free zone” on 17th Avenue this summer, according to BIA executive director Tulene Steiestol.

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Company in Sydney Harbour launches new business marshalling offshore wind turbine parts

Provincial Energy Ventures, a privately owned coal pier in Sydney Harbour, is being renamed the Atlantic Canada Bulk Terminal and has begun offering services for marshalling huge steel parts for offshore wind turbines.

Richard Morykot, an engineer and vice-president of the bulk terminal, said the company will still deal in coal, but it is undergoing a major transition.

“I think it’s new energy for this region and there are spinoffs,” he said. “We just completed a lot of work and we are slowing down as of today, but there’s been a lot of different activity on the site for a lot of different companies, a lot of local companies.

“Sand bags, cranes, labour, civil construction companies, welders, riggers. There’s many parts to this and … when we build the business bigger, there’ll be more opportunities.”

The coal pier was built early in the last century with slag from the former Sydney steel plant, covering more than 40 hectares of land with a 500-metre-long wharf.

Morykot says the coal pier was built on the harbour with slag from the former Sydney steel plant, making it a solid site for the storage of large, heavy wind turbine components. (Tom Ayers/CBC)

Morykot said its construction makes it ideal for holding massive steel materials and the wharf has room for multiple ships to load or unload turbine parts.

Because of its history and construction, the company was able to get the site ready in a couple of weeks with very little investment, mostly by clearing and levelling the ground.

“We’re very fortunate,” Morykot said. “I mean, this was a steel facility and steel facilities are built, as you can imagine, to support steel, so they’re very robust and they’re strong and we’re benefiting from that.

“It’s a great, positive legacy of the Sydney steel plant.”

The 15 giant steel tubes now on the Sydney site are called monopiles. They are foundations that will be driven into the ocean bottom to anchor turbines at sea.

The monopiles, weighing hundreds of tonnes, are made of steel nearly 12 centimetres thick, are up to 10 metres in diameter and up to 80 metres long.

They are destined for offshore wind projects in the U.S., where the industry is well underway.

Several large grey-and-rust-coloured steel tubes lie on their sides dwarfing nearby buildings and a shipping container.
Giant grey-and-rust-coloured steel tubes stored in Sydney Harbour are slated to become the underseas foundations for offshore wind turbine projects in the U.S. (Tom Ayers/CBC)

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The Famous People Linked to Sexual Assault Lawsuits Against Sean Combs

  • Sean Combs, whose homes were raided by federal officials in March, has been hit by a series of lawsuits.
  • The complaints against Diddy allege sexual assault and sex trafficking, and some include allegations against other known figures — though not all of the celebrities are listed as defendants.
  • Here are the famous people mentioned in the sexual assault lawsuits against Combs.

There are still few details known about why federal officials raided the Los Angeles and Miami homes of musician Sean Combs in March.

The Associated Press and Los Angeles Times reported that the move is part of an ongoing sex trafficking investigation by Homeland Security. The department has not confirmed the target of the investigation nor the crimes it is investigating.

The raids come after Combs, more commonly known as Diddy, has been hit by a series of lawsuits alleging sexual assault, sexual misconduct, and sex trafficking.

Seven separate lawsuits, one of which was filed by his former girlfriend Casandra Ventura, provide detailed allegations of rape, abuse, and drugging.

Combs has denied all the allegations against him. In response to requests for comment from Business Insider after the raids, his attorney Aaron Dyer said in a statement:

“Mr. Combs was never detained but spoke to and cooperated with authorities. Despite media speculation, neither Mr. Combs nor any of his family members have been arrested nor has their ability to travel been restricted in any way. This unprecedented ambush — paired with an advanced, coordinated media presence — leads to a premature rush to judgment of Mr. Combs and is nothing more than a witch hunt based on meritless accusations made in civil lawsuits. There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent.”

Some of the powerful and wealthy people in Combs’ orbit are outright accused by plaintiffs of wrongdoing — whether that be witnessing the abuse and not stopping it or providing drugs to Combs. Others — like Prince Harry or Nicki Minaj — are simply mentioned in passing and not accused of any wrongdoing.

For decades, the hip-hop mogul has been surrounded by accusations of violence — sometimes involving other very famous names.

Here are the well-known people linked to the accusations against Combs.

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More than 100 small businesses petition Ottawa’s Mayor for support

An open letter to municipal politicians says these businesses want increased access to funding, rent control measures, training on de-escalation and naloxone use and more.

Published Mar 21, 2024  •  Last updated Mar 21, 2024  •  4 minute read

Adrienne Row-Smith from the Grove and Jo Masterson of Little Jo Berry’s Bakery, pose for a photo in Ottawa March 21, 2024. These small business owners have written a letter to the mayor with more than 100 signatories, calling for improved municipal support for small businesses, including funding and rent control measures. Photo by Tony Caldwell /POSTMEDIA

More than 100 small businesses and entrepreneurs have called on Ottawa Mayor Mark Sutcliffe and city councillors for funding, rent control and other measures while they struggle with rising inflation and rents.

“There is a fundamental failure on the part of the City of Ottawa to provide small businesses with the necessary opportunities, supports, and grants that are observed in other cities,” says an open letter from the businesses to municipal politicians. “The challenges we face, including rising inflation and uncontrolled rent hikes, are threatening the existence of many valuable businesses.”

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