4. Annual renewal fees range from $30,000 to $50,000 and are based on gross sales compared to other license holders. In addition to medical marijuana dispensaries, beginning January 1, 2020, recreational dispensaries will also be allowed to apply for licenses to sell adult-use cannabis to the public. Fortunately, the market has picked back up, as many of the larger Michigan vertical companies are buying once again, and out-of-state MSOs are beginning to discover the largely untapped Michigan market. How to open a cannabis dispensary in Michigan a question thats on every cannabis entrepreneurs mind. Who can certify a patient's medical use of marijuana? Business specifications may include an estimated open date for your dispensary; Proof of premises ownership or a lease agreement; Estimated gross annual income; A marijuana facility plan; A cannabis retail marketing plan; A cannabis product inventory and record keeping plan. Dispensaries in a seemingly better general location may have sold for less than dispensaries in worse locations, and vice versa. The state, If you have been arrested for driving under the influence of cannabis in Illinois, you need to contact an Illinois cannabis DUI attorney as soon, Copyright 2023 | All rights Reserved Cannabis Business Lawyer & Founding Partner, Segev LLP, In November 2018, Michigan dispensary laws changed when voters approved the, Moreover, municipalities that had previously opted not to participate in legal marijuana will now have an opportunity to allow recreational cannabis. Michigan's MRA began accepting adult-use cannabis facility license applications on November 1, 2019 only from persons currently holding a medical marijuana operating license. Adults who are . For a medical marijuana dispensary you should apply for a Provisioning Center License that authorizes the sale of marijuana to a registered qualifying patient or registered primary caregiver. Dont miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them. Thanks! How do I add a caregiver or change to a different caregiver? Am I eligible for an adult-use marijuana establishment license? Do I have to provide proof of my Michigan residency when I renew my registry identification card? The application fees are around $6,000. In order to sell marijuana to Michigan dispensaries, you need a grower or processor license under the MMFLA or MRTMA, which are Michigan's two marijuana facility licensing laws. How much is the fee? Below is an updated listing for non-residents purchasing out-of-state medical cannabis and recreational marijuana. Are transfer of interest documents still required for a change of ownership? What are all the required licensing and certifications required for me to legally distribute marijuana to provisioning centers? It is our goal to be one of the best legal resources for cannabis real estate industry. My Processor-Handler license expired November 30, 2021, and I have not been able to submit a renewal application yet. How much is the fee? 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. 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. Check out our interactive map and our favorite dispensaries below. What is the Annual Financial Statement (AFS) reporting period? Can a CPA that provides other accounting services to the licensee prepare the Annual Financial Statement (AFS) report? This one year old industry has annual cannabis-related sales estimated at $730 million to $875 million only in 2020, and the estimations for the following years dont disappoint either. Detroit finally. Medical Marijuana Dispensary License. Some municipalities have opted to restrict or prohibit the opening of retail stores. The market for Michigan dispensaries has been incredibly cyclical. Can you change the license type, or number of license(s) you are prequalified for without submitting a new application? Of course, itll depend on what type of cannabis license you want to get for your operation. However, there is a method to the madness, as certain Michigan dispensaries knew how to best position themselves for eventual sale, or best structure the sale, while many others do not. How is your plant count determined as it affects your growing limited as a Class A, B, or C Grower Licenses? Several Michigan dispensaries have been sued for sending out text messages under the TCPA. Learn how to remain compliant with Michigans cannabis retail laws. A dispensary will also have to follow all distinct regulations regarding the sale of each of those products, which includes different labeling, tax rates, customer verification procedures, etc. How do I file an amendment for both Medical and Adult-Use marijuana licenses? Is there a separate fee for the caregiver? Search no further, here you may find a list of cannabis growers and marijuana cultivators complete with their offering and locations they serve. What this means is that these companies, and many larger private companies, value dispensaries strictly on revenue or sometimes EBIDTA multiples. How do I remove my current caregiver? However, you should take some common-sense steps and consider speaking with an attorney to advise you. Cannabis Market Taxation and Regulatory Compliance Analysis Grant Program, EGLE: Cannabis Environmental Regulatory Information. View Department pages to learn more about working in state government, connect with us on social media and contact department Equity and Inclusion Officers. I am a Certified Public Accountant (CPA) conducting the Agreed-Upon Procedures report. There are also additional fees that are allowed by the MMFLA(Medical Marijuana Facilities Act). However, local municipalities may reduce this distance requirement or impose additional location requirements as they see fit. What if I do not submit my Annual Financial Statement (AFS) report by the deadline? Other strains include; Strawberry Guava at $45, Mint Chocolate Chip Cookies . Yes, you can sell your medical CBD and THC products to your favorite dispensaries by approaching them over the phone with a complete briefing about your cannabis product. Can a federally recognized Indian tribe apply for a state license? What is the application fee to file an amendment? But it's illegal to carry beyond 2.5 ounces of cannabis out in public. Moreover, municipalities that had previously opted not to participate in legal marijuana will now have an opportunity to allow recreational cannabis. All of our seeds are lab tested for genetic quality, hand picked just for you, and shipped directly to your door in . If I was prequalified for multiple licenses do I need to obtain all of them before my prequalification expires? For example, it can range from $128/sq ft to $393/sq ft. On the other hand, if you are limited to leasing the property, monthly costs for a marijuana store might run between $3,500 and $10,000 or even higher. Do I need to keep a copy of the documents (application form, physician certification form, or required supporting documents) I send to the MMMP? What are the most common types of capitalization used in a CPA Attestation? A seed cleaner is involved in part of the process of converting raw hemp to a marketable form and would therefore need the processor-handler license. You should probably budget about $500,000 to be on the safe side. The Basic Steps to Making Money Selling to Dispensaries. Scott Levin | slevin@mlive.com. The average price for an ounce of recreational flower dropped from more than $512 in January 2020 to $131 in May, a 74.4% decline, according to the Michigan Cannabis Regulatory Agency. Am I in violation? Having looked at demographics and traffic pattern data, I estimated the location would sell for about $3M to $3.5M on the Michigan cannabis real estate market. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The law prohibits smoking, favoring the use of vaporizers and edible forms of the drug. I want to grow and possess my own plants. But timing your sale can also be important with respect to yourspecific municipality and location. With savings accounts yielding less than 1%, getting a higher purchase price along with a 6% interest rate of return can be very attractive. The people of Michigan will likely have the opportunity to vote on recreational legalization in November of 2016, but it's up to them to pass the initiative. Can convicted felons apply for a license? What should I do? Thus, when deciding to sell your dispensary, you want find out how to be showing as high sales number as possible. How do I know if my Annual Financial Statement (AFS) Report has been approved? Can I find out the status of my patient's application if I contact the MMMP? But Michigan regulators felt it was necessary to phase out caregiver contributions, to spur investment in licensed grow facilities. Dispensaries: Compassionate care centers will be licensed by the state. Class A is a Grower license for 500 marijuana plants, Class B is a Grower license for 1,000 marijuana plants, and. The MRA has more information online regarding specific communities. Do I need a processor-handler license? As with most things in life, timing is key; this is the same for the cannabis real estate industry, yet it is one of the most overlooked factors in determining the price you will get for your dispensary. Here, a quick word to the wise: you need to be VERY careful with text message marketing of both medical and recreational marijuana. If you do, you may have been much better off just selling before opening, as you may have gotten a higher sale price with less investment and less hassle. Who is required to submit an application? Please use these updated forms for all requests. Marijuana possession in Michigan is not illegal. The MRA follows the same two-step application process for adult-use marijuana licensing. Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. Additional fees may be imposed at the municipal level; check with your local municipality to find out more. How do I get a replacement registry identification card if mine is lost, stolen, or damaged? Michigan restaurants and bars will now be allowed to sell to-go alcoholic beverages, thanks to a new package of bills signed by Gov. Gretchen Whitmer on Wednesday. Below, weve provided answers to as many questions as possible concerning cannabis retail licensing and dispensary laws in Michigan, and we will continue to update this page regularly as new details emerge. On the buy side, one thing we look for is a medical dispensary doing good numbers under medical in an area we know is about to opt-in to adult use. Check the State of Michigan Career Portal for a list of current openings in Michigan government. Medical cannabis sales in Michigan are subject to the standard state sales tax of six percent, plus an additional three percent excise tax. Marijuana Misdemeanors. Do such products need to be registered? Usually, seller financing is a verified win-win for both buyers and seller. Adults aged 21 and up may possess up to 2.5 ounces of cannabis or equivalent product away from home, and up to 10 ounces within their home. This means ensuring a super good user . 2. For retailers is $25.000 for new licences, while for provisioning centers is $44.000. How Much Does It Cost to Open a Dispensary in Michigan To get a provisioning center or retailer license in Michigan the application fee is $6.000. Can a person seeking certification for medical marijuana do so in a provisioning center? Can I transfer a marijuana license from one entity to another? Our number is in the lower right corner works even on desktop. 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. 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. RELATED POST: HOW TO GET A GROWERS LICENSE IN MICHIGAN, A marijuana provisioning center is defined under Michigan law asa licensee that is a commercial entity that purchases marihuana from a grower or processor and sells, supplies, or provides marihuana to registered qualifying patients or registered primary caregivers. You're taking their product and benefitting from it - again, a question for an attorney as this is out of CRA's regulatory authority. This packet must include a passport-type photo, a copy of your government-issued ID, and all other supporting documentation, It encompasses a full background investigation of the applicant and all supplemental applicants. The process was set to be complete by September 2020. Dont miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them. If you wait too long, and those new dispensaries start cannibalizing your business, then you may end up getting a purchase price substantially less than what you would have gotten if youd listed your dispensary for sale before the cityaccepted those licenses or ordinances. Billboards and Weedmaps can be good tools, but there are others at your disposal as well. Several dispensaries have been licensed and approved, however several cities and townships have banned adult-use sales, or have not yet opted in to allow sales. Can a municipality exclude certain types of marijuana establishments? I am a licensee with multiple licenses that does not track all disbursements by license type, so some of the disbursements made cover more than one license that I hold. In Michigan, the location is essential for the prosperity of your business since many local municipalities can choose to ban or limit the number of businesses. Michigan Dispensaries Click the map to explore dispensaries in Michigan. Keep in mind that with just a few exceptions, it's generally illegal to consume cannabis in public. PUBLISHED DECEMBER 18, 2020 - UPDATED JANUARY 29, 2021. How to Get a Dispensary License in Michigan In Michigan, the Medical Marihuana Facilities Licensing Division regulates licensing for medical marijuana businesses. Michigan Medical Marijuana Program (Patients/Caregivers), Verify a Medical Marijuana Facility License, Verify an Adult-Use Establishment License, Metrc - Statewide Marijuana Monitoring System. I plan on seeking multiple licenses from the Agency, do I have to pay the $6,000 application fee for each license? The web Browser you are currently using is unsupported, and some features of this site may not work as intended. I am unable to follow a procedure as specified. Besides the cost of opening a dispensary, other expenses exist - and these will impact your profit margin. This article will go over many of the factors aside from general location that affect the overall sale price, as well as some data-based tips to best position your dispensary on the cannabis real estate market, whether it is an MMFLA provisioning center, legal MRTMA retailer, or both. Applying for a New York Cannabis License The Office of Cannabis Management Cannabis Control Board (CCB) of New York has applications for cannabis adult use, Are you an ambitious entrepreneur looking to get involved in the cannabis industry? The appeal of Ferndale dispensaries is likely to drop with Madison Heights coming online and with Royal Oak and Berkeley not far behind, assuming litigation doesnt tie up those cities for too long. If you grow hemp and want to sell harvested hemp to a licensed hemp or marijuana processor, you may do so under your grower registration. Weve won licenses in competitive limited markets, and open market states. All Content 2022 Cova. License fees in Michigan could go from $4,000 (the grower class A license), up to $40,000. How are tags produced for seed-to-seed tracking? The fee for medical marijuana nonprofit dispensary licensees to move into the new adult-use market is $25,000. Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. Present your I.D. What may potentially prevent an applicant from getting approved for a state operating license? Remember, your processor-handler license will not be issued until all required elements are submitted and processed. to enter the dispensary. I have an active patient registry identification card. If I change the ownership on my medical prequalification, do I need to update capitalization?

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