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The Michigan Regulation and Taxation of Marihuana Act, or "MRTMA", created a new license type for the Michigan recreational cannabis marketthe microbusiness license. We can help you receive top dollar for your Michigan dispensary property. Also, many times there are, apart from the States laws, local regulations that you have to pay attention too. However, equally important to note is that this percentage varies in . How do I update my name on my registry card? For instance, if a consumer is at home, they can possess up to 10 ounces of marijuana. Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. Ahh I didn't realize you needed 150k in assets in order to get licensed as a Class A Grower and thought that you just had to pay the 4k for the license to start growing. If you were to look just at data for comparable sales of dispensaries, it may be hard to make heads or tails out of the sales prices. The Cannabis Regulatory Agency will establish Michigan as the national model for a regulatory program that stimulates business growth while preserving safe consumer access to cannabis. The beginning costs of a Michigan marijuana growing license includes a non-refundable application fee, as well as a regulatory assessment. Find out how Michigan will monitor commercial cannabis activity here. You must have an active pharmacist license in good standing issued by the Department of Consumer . How do I file an amendment for both Medical and Adult-Use marijuana licenses? Is there a limit on how many times an entity can change ownership? Do not try to pitch cannabis products to dispensaries in another state. This was the case on business sale I worked on, where a group had a very strong location in a fairly well populated metropolitan area. However, you should take some common-sense steps and consider speaking with an attorney to advise you. Under state law, cannabis retail establishments cannot be located in areas zoned exclusively for residential use or within 1,000 feet of any school for grades K-12. Check back frequently as the landscape is evolving daily . For recreational cannabis is 10% excise tax plus 6% sales tax. Hemp-derived topical lotions and tinctures with a THC concentration of 0.3% or less may lawfully be marketed and sold in Michigan with this license. I am unable to follow a procedure as specified. I am a licensed hemp processor and assume I need to record weight of incoming hemp shipments and the weight of products that we produce from hemp. By the beginning of 2020, both Illinois and Michigan dispensaries will be freely selling marijuana. If youre looking to grow, process, or sell cannabis, ourCannabis Attorneyscan help you procure the proper licenses and our agents can help you find a property. How much is the fee? Without disclosing all of the tricks of the trade, the data reflects that one key item is to bring in strong brands that have been proven to drive business sales, such as MKX or Platinum Vapes, as well as specialty products that excite consumers. You're taking their product and benefitting from it - again, a question for an attorney as this is out of CRA's regulatory authority. Can I sell food and/or alcohol at my designated consumption establishment? Am I eligible for an adult-use marijuana establishment license? I am a registered caregiver. The second step includes a review of the proposed retail establishment, including a physical inspection, as well as payment of the licensure fee once approved. I just mailed my Application Packet, but I forgot to include something important (application fee, proof of Michigan residency, physician certification). In November 2018, Michigan dispensary laws changed when voters approved the Regulation and Taxation of Marijuana Act, making the Great Lake State the 10th in the U.S. to legalize recreational cannabis. Marijuana retailers in Michigan may sell cannabis and cannabis products including flower, concentrates, edibles, infused products, seeds, and clones. Many of the big companies that were driving up the purchase price of state dispensary listings stopped buying, and this caused the prices to fall off a cliff. Can a microbusiness obtain seeds, tissue cultures, clones, or immature plants without using a secure transporter? Try not to do this at peak hours like weekends, or the end of the workday. Dont be one of them. Since your processor-handler license is now expired, processing, handling, brokering, or marketing industrial hemp without this license is a violation of the state's Industrial Hemp Research and Development Act. The average price of an 8th in Lansing. The average price of an 8th in Lansing is $50. Can a municipality exclude certain types of marijuana establishments? How to Get a Dispensary License in Michigan In Michigan, the Medical Marihuana Facilities Licensing Division regulates licensing for medical marijuana businesses. Where can I find the advisory bulletins regarding the administrative rules? Michigan voters elected to legalize recreational marijuana November 2018. I utilize another company to handle a type of service necessary for the operation of my licensed entity. The regulatory assessment for Fiscal Year 2020 (beginning October 1, 2019 and ending September 30, 2020) for a new provisioning center license is $44,000. I purchased a licensed entity. If I change the ownership on my medical prequalification, do I need to update capitalization? Currently, there are around 500 MMJ licenses and 170 recreational cannabis licenses granted in Michigan, but this industry is only getting stronger so we can expect to have a higher number by 2021. How is your plant count determined as it affects your growing limited as a Class A, B, or C Grower Licenses? View Department pages to learn more about working in state government, connect with us on social media and contact department Equity and Inclusion Officers. The market for Michigan dispensaries has been incredibly cyclical. If you or someone you know is interested in knowing more about medical marijuana in Massachusetts and how it can benefit your overall health, call Inhale MD today at (617) 477-8886. Make it as easy, seamless, and convenient for them as possible. Prior to that, the state had very strict marijuana laws for non-medical users. What do we need to do to sell our ingredients to product manufacturers that sell to Michigan dispensaries? After that only licensed grows by the state of Michigan with approval of the city that they're growing in will be able to sell to dispensaries. Detroit finally. And they will need to be renewed annually, which includes a fee of a similar amount. These are the costs for New York cannabis dispensary real estate: Buying a property outright can vary wildly. The actual license fees vary depending on the type of license. In the public markets, cannabis companies tend to be valued based on revenue or occasionally EBIDTA (i.e. Initially, it was announced that for the first 24 months, applications would only be accepted from currently licensed medical marijuana operators. Bud Trimmer: Budtrimmers prune and trim marijuana and make about $25,000-$30,000 per year. Annual renewal fees range from $30,000 to $50,000 and are based on gross sales compared to other license holders. The second phase, or license qualification phase, requires more specific information for the specific licenses you are seeking. Apply for the processor-handler license, found at. How to Open a Dispensary in MI: Licensing and Permitting. If you are looking to sell your dispensary, give the experts atMichigan Cannabis Propertiesa call to set up a free consultation. Be aware that public consumption is still punishable by a fine of up to $100, so if you light up, do it on your own private property. Can you provide some information on event licensing? Avoid trying to wholesale cannabis products without the proper licensing. Keep in mind that with just a few exceptions, it's generally illegal to consume cannabis in public. My business is developing an in-field THC testing kit, and we will collect hemp samples to test the efficacy of the kit. The first step is prequalification, which includes the submission of all application materials, background checks, and payment of the application fee. All cannabis businesses help pay the $500,000 annual fee for substance abuse disorder programs ( MMFLA Section 333.27603) Licensing fees cost between $10,000 and $66,000. Transfers of product between my licenses are not recorded as revenue in my general ledger. Michigan's Industrial Hemp Research and Development Act, PA 547 of 2014, as amended, requires any person who is marketing industrial hemp in Michigan to be licensed as a processor-handler. From medical dispensaries to the upcoming recreational stores, and even a 420-friendly doctor to help you serve your medical needs, you can find it all here. Do I have to provide proof of my Michigan residency when I renew my registry identification card? Since this Gen X is the busiest generation of cannabis consumers, the most successful way to market your cannabis dispensary to this demographic is to add convenience to their purchase journey. There are many market opportunities you have to research, take into consideration the zone youll be operating too. So, what drives the valuation of these dispensaries? With savings accounts yielding less than 1%, getting a higher purchase price along with a 6% interest rate of return can be very attractive. A great location can attract a lot of interest, with groups doing their best to estimate their sales at that location and basing their offer on those estimations. Does this qualify me for an adult-use marijuana establishment license? As a matter of fact, we find many public cannabis business do not actually make a profit,with a handful of exceptions. Do we need a processor-handler licenser? Anyone over the age of 21 can buy weed legally in Michigan, no matter what state or country you are from. Can delivery occur in municipalities that have opted out? While this is OK for other industries, the Michigan Medical Marijuana industry is different. Michigan Medical Marijuana Program (Patients/Caregivers), Verify a Medical Marijuana Facility License, Verify an Adult-Use Establishment License, Metrc - Statewide Marijuana Monitoring System. Don't drive while consuming or immediately afterward. The creation of a business plan that leads you to profit and, eventually, success is essential to getting the most out of the dispensary business in any State, Michigan is certainly not the exception.