Hialeah native Cristy Aranguiz was just 21 and far from home, working as a television reporter in Missoula, Mont., when Washington became one of the first U.S. states to legalize recreational marijuana use. She and her then-boyfriend Tate Kapple decided to move and try to obtain a license.
“There are very few industries in America that are still being built from the ground floor,” she says. She and now-husband Kapple today own seven Cannabis and Glass outlets in Washington, Oregon and Iowa, with $40 million in revenue and nearly 200 employees. They’ve just secured a medical marijuana license in Florida, allowing Aranguiz, the daughter of Cuban-American refugees, to do business in her hometown.
While a referendum to legalize recreational marijuana use failed to get the required 60% of the vote to become law last fall, Aranguiz believes legalization is inevitable, and she’s happy to serve medical patients until that happens. “I’m here for the long haul,” she says.
“I’m here for the long haul.” — Cristy Aranguiz
The dream is to create a Latin-inspired brand, following the example Modelo beer provides of starting with a demographic and expanding from there. “We would love to try to build that on the cannabis side,” she says. “Nobody’s really done that yet.”
FINANCE
- JPMorgan Chase Bank is loaning Inter Miami CF (Club de Fútbol) $450 million to complete construction on a 25,000-seat stadium in Miami’s Freedom Park. Inter Miami and star Lionel Messi play in Fort Lauderdale now but hope to play the 2026 season in Freedom Park. Development plans also include a hotel, office and commercial space.
REAL ESTATE
- Construction is underway for One Twenty Brickell Residences, a two-tower mixed-use condominium and rental development. When completed in 2028, one tower will include 266 units starting at $750,000, each with private elevators and an office suite. The second will add 537 apartments and 10,000 square feet of retail space.
- Aventura is poised to gain 675 apartments in three 29-story towers as part of a mixed-use development from Adam Neumann’s Flow and Canada Global. Twenty units will be designated at below-market rates for city staff, charter schoolteachers and first responders, and the developers pledge $4.2 million to area charter schools.
- A $125-million construction loan from Santander Bank and TD Bank is funding construction of a seven-acre mixed-use “transit-oriented” development on U.S. 1 between Coral Gables and Coconut Grove. The 35-story tower adds 432 apartments, 54 set aside for workforce housing, to 733 units already occupied at the Link at Douglas complex. The public-private partnership between Miami-Dade County, 13th Floor Investment and Barings also included renovating the Douglas Road Metrorail station.
- New York-based GAIA Real Estate is opening a Miami office and launching Milas, a joint venture aimed at buying up homes in Miami and Fort Lauderdale that remain below market price. Working with Moderno Development group, Milas will focus on rental income, appreciation and prospective redevelopment.
- Gencom’s $100-million renovation of the Ritz-Carlton Key Biscayne will include updated guest rooms and suites, a redesigned spa and an exterior facelift by the time it reopens in December. The hotel has 420 rooms on a 17-acre resort property.
PERSONNEL
- Diogo Elias is the new CEO for Colombia-based Avianca Cargo, which uses Miami International Airport as its main North American hub. He is tasked with leading fleet expansion plans and developing new markets for one of the world’s largest cargo airlines.
- Jose Espinoza, former chief policy advisor to Miami-Dade County Commissioner Oliver Gilbert, III, has joined Capital City Consulting.
TRANSPORTATION
- Four key Brightline stops — Miami, Fort Lauderdale, West Palm Beach and Orlando — now offer travelers private workstations for meetings and events through a partnership with flex-office provider Industrious. In addition, the Miami-based high-speed rail service offers a train car that can be reserved for meetings and other work functions during a trip.
HEALTH CARE
- Miami Beach’s Mount Sinai Hospital has added Artisight, an AI platform that’s supposed to complement nursing care, to 160 patient rooms. Officials hope the system, which includes constant monitoring and two-way communication, reduces burnout among nurses while enhancing workflow efficiency and patient safety.
PHILANTHROPY
- Billionaire Citadel CEO Ken Griffin donated $2 million to Achieve Miami’s Teacher Accelerator Program, three years after giving $3.5 million to recruit and train educators to work in Miami-Dade schools. The program has helped produce nearly 200 new teachers starting in 2023.
EDUCATION
- Florida International University’s Florida Small Business Development Center honored six entrepreneurs at its first “Business at Its Best” Awards. They are Marlon Romero of World Truck Parts; Vickie Lopez of Venus Builders; Gilad and Anabelle Savion of Lavior Pharma; Fania Carter of Sterile Services; Eduardo Castellanos of Grain Machinery Corp.; and Student Entrepreneur of the Year Olbin Gil.
Megaproject Makes Debut
Miami Worldcenter, a $6-billion, 27-acre downtown redevelopment megaproject, is open for business after years of planning and construction. Spearheaded by managing partners Art Falcone and Nitin Motwani, it ultimately will have more than 11,000 residential units and 1,100 hotel rooms to go along with major retail outlets and restaurants, including Chicago steakhouse Maple & Ash, Earls Kitchen + Bar, and Sweet Paris Crêperie & Café.