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Thursday, August 29, 2013

Medical Marijuana Dispensaries Coming To Massachusetts

The cut off date for medical marijuana dispensary applications has passed. When the deadline for applications came there were 181 applications submitted. Massachusetts is allowing 35 dispensaries to open so there will be a lot of disappointed applicants. The number of applicants doubled expectations because each applicant had to provide proof that they have access to $500,000 for a first location and a additional $400,000 for a second location if desired. About a dozen of the applicants were seeking multiple locations.

The state received applications for all 14 counties. Middlesex County accounted for 47 of them, equaling 26% of all applications. Suffolk, which includes Boston, received 21 applications. Even Nantucket County with its 10,000 residents has two applicants. You can see the full list of applicants here.

The state is expected to announce which of the 181 applicants have made it through the first phase by mid-September. The state’s key factors in passing an application forward include verifying the financial backing, non-profit status, and executive backgrounds. Those who survive this screening process will have to pony up $30,000 for Phase Two of the application process, with no guarantee of being a final license winner.

 Massachusetts dispensaries are required to operate as non-profits and to ensure their revenues are used solely to further their non-profit purpose.

Would you open a non profit dispensary if you had the funding? Leave a comment and let us know if you would or not.

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