On April 14th, 2014, the governor of Maryland signed the bills HB 991 and SB 923, and legalized medical marijuana in Maryland. Natalie M. LaPrade Maryland Medical Cannabis Commission became the state’s medical cannabis program monitoring agency. As of this writing, Maryland only awards licenses for three types of cannabis business licenses, which includes those growing, processing, and dispensing medical cannabis. In 2016, Maryland concluded the first phase of the medical cannabis dispensary licenses applications procedures. During the application, over 1,000 applicants contended for a total of 102 licenses. Applicants who were approved are now in the second phase of the application process, where they will be required to provide further details of the business plan.
Medical Marijuana Market in Maryland
In their latest move to expand the state’s medical marijuana industry, Maryland regulators approved one additional processor and seven more medical marijuana dispensaries. Currently, there are about 50 licensed dispensaries in Maryland. In due course, 102 MMJ dispensaries are expected to be operational. More than 26,000 patients are registered to purchase medical marijuana products in Maryland. Projected sales are estimated to reach 46 million dollars by 2021. Adult sales are expected to hit a 610 million dollar mark in the same year.
License Requirements for Medical Marijuana Dispensary Owners
After securing a pre-approval, applicants who qualify will be subjected to a second phase of the application process. In this particular phase, the contender is required to submit an audited financial statement, plus payment of State Two application fee which is $4,000. Furthermore, they will be required to provide personal credentials of a dispensary agent, a criminal background check, and fingerprints for Central Registry. They are also required to demonstrate that the proposed facilities are under their control, ensure conformity with zoning, and stick to the specifications agreed upon initially.
Here are some of the costs associated with a dispenser license:
- An $8,000 Stage Two application fee
- An $80,000 Bi-annual licensing fee for dispensing
- Bi-annual licensing fee for growing: $250,000
America Cannabis Company, Inc.
Breaking into the marijuana dispensing business in Maryland can be tough. The chances are limited, but the number of applications submitted is overwhelming. For this reason, it’s in your best interest to work with top consultants who can help you beat the competition and have an opportunity to own and run your own Maryland medical marijuana dispensary. At America Cannabis Company, Inc., we help our clients with the application process right from gathering the necessary documents, putting their finances together, coping with the requirements, to submitting the applications. Everything we do is aimed at ensuring that you get your license as efficiently and cost-effectively as possible. Contact us today to learn more about our services.