The cannabis industry is one of the fastest-growing industries in the United States. While many states have taken a “wait and see” approach to legalise marijuana. Michigan has embraced it with open arms. For Medical Marijuana Dispensary License The state recently voted to legalize medical marijuana. The dispensaries are opening all over the state. It’s an exciting time for residents and investors alike. But there are important things to keep in mind regarding this developing market. Here are five important things you should know about a Michigan medical marijuana dispensary license.
After the state enacted the MMMA (Michigan Medical Marijuana Act) in 2008.The residents (with certain conditions) were able to obtain a medical marijuana card. In 2016, Michigan residents voted to legalize recreational marijuana. There are more than 180 dispensaries are currently operating throughout the state. However, only 48 dispensaries have been issued licenses by the state, and only 28 are operational. If you visit a dispensary not licensed by the state, you will be turned away. More Medical Marijuana Dispensary License are expected to be awarded in 2018, and an increase in competition will likely drive down prices at medical marijuana dispensaries.
Medical Marijuana License are issued by the Michigan Department of Licensing and Regulatory Affairs (LARA). The application process includes a background check and a $6,000 application fee. Which is payable to the State of Michigan. This fee is non-refundable and must paid before the licensing process begins. In addition to the license application fee. You will need to pay a public health code registration fee through your city or county. The cost varies by location, but it is usually between $400-800.
The Medical Marijuana License Application is available for download on the LARA website. To considered for a license, an applicant must have a valid business license from their local city or county. Then submit a background check from the Michigan State Police. Additionally, applicants must submit verification of their residency and provide evidence of their financial standing with the state of Michigan.
An application is submitted online via the LARA website and can take approximately three weeks to process. If approved, you must then pay your application fee and complete your business plan before applying for licensure. Each Medical Dispensary License dispensary must register with the state through a public health code registration. This process can take anywhere from a few weeks to a few months. Even if you will approved for a license, you may not able to open your business right away. Regulators will work with you to schedule an inspection of your facility before dispensing any marijuana products.
Getting a dispensary license can be a long, expensive and uncertain process. It’s virtually impossible to determine how long the process will take or what the costs will beforehand. Mandatory inspections further complicate decision time to meet the state requirement. If you’re considering getting into this market. You might want to hold off until more licensing information becomes available. Paying your fees and going through the application process only gives you an idea of what involved. It doesn’t guarantee you’ll get a Medical Marijuana Dispensary License.
While the process to get a Michigan medical marijuana dispensary may seem straightforward. There are many things you should know before you decide to invest. Licensed dispensaries must register with the state and complete inspections before dispensing marijuana products. And competition will likely drive down prices. A licensed facility can an investment with the potential for a high return. But only if everything goes right.
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