Investor loses $100,000 in Tempe medical marijuana bid
By Dianna M. Náñez
The Arizona Republic
Schreiber was so certain of the investment that he sunk about $100,000 into submitting two business proposals to open a dispensary in northern Tempe. Schreiber funded the prospective business in a partnership in which two others became the applicants.
The state would allow only one dispensary to open in the city’s northern region, but Schreiber figured he would increase his chances if both of his proposals were qualified to enter the state random lottery.
Tempe development officials said the city received 57 dispensary applications.
Schreiber felt lucky when Tempe gave both of his proposals zoning clearance.