Last Call! For Florida MMJ License Applicants

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Last Call! For Florida MMJ License Applicants

The application process to obtain a Medical Marijuana (“MMJ”) license in the state of Florida has finally begun. Governor Rick Scott signed SB-8A in late June and since that time prospective applicants started gathering their resources to ultimately submit a competitive application. GreenAcre Consulting Team currently has two slots available to help assist potential applicants.

The state revenue impact study projects that the Florida cannabis industry will reach $542 million in sales by 2022. The assessment also projects that 472,000 patients will register by such time. The projections are only assessed under a medical marijuana program and not an adult use program. Under an adult use program, cannabis research firms project Florida will be 1.5 – 2 billion-dollar market by 2020 or 2022, depending on when the market changes to adult use.

Currently, Seven Medical Marijuana licensees are operating in the state of Florida. Under the new MMJ program ten (10) new licenses will become available by the latest, October 3rd. A licensee under the new program will undertake an operational responsibility that entails cultivating, processing, transporting and dispensing medical marijuana. Additionally, the licensees will have the ability to open 25 dispensing facilities anywhere in the state of Florida, and for every 100,000 patients that register in the states registry, the licensee will be allowed to open 5 more dispensing locations. Contemporaneously, when the state registry reaches 100,000 patients, four (4) new licenses will be awarded. Lab testing facilities will be an independent third party.

Initial investments to submit a competitive application is project to cost $200,000, but could cost more depending on certain variables. The latter involves a comprehensive business plan, application assistance, the vetting, amongst other variables. During the build out phase a capital of 5-7 million-dollars is needed. This amount entails the cultivating, processing, transportation vehicles and one dispensing facility. A complete build out of all facilities, including the complete 25 dispensaries would require roughly 30 million-dollars.

If your group or company wants to apply for a MMJ license in the state of Florida contact GreenAcre Consulting Team.

 

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