Legislative & Licensing Update: November 17, 2022
New Adult-Use and Medical Marijuana Opportunities from Elections
Cannabis entrepreneurs should be start now on business plans and financial models in all of the states that have new license opportunities or are expected to see legalization in the upcoming legislative cycle.
Plus, license application deadline for Alabama cultivation, processor, dispensary, vertical/integrated facilities, transporter, and testing labs is just 6 weeks away.
Missouri regulators have released draft marijuana rules just two days after voters approved legalization and spokeswoman Lisa Cox said the Health Department will begin accepting applications for microbusinesses during or before the first week of September 2023. This quick turn is an indication of how quickly the program will move and this is ever more the reason for interested parties to prepare their business planning as soon as possible.
The California election should result in more than 70 new retail licenses and other business opportunities in CA where cities finally voted to expand programs. California has its history with difficulties with cannabis regulation, however there has been a documented movement of efforts to lower taxes on businesses and now the expansion of cannabis licenses. This is important as new licenses mean new business opportunities. It would be wise to study the current market and assess if pursuing a license makes financial sense.
Minnesota’s Senate flipped to Democratic control in Tuesday’s elections. This change in power puts the state at the top of the list of those most likely to legalize marijuana in 2023 and party leaders said at a post-election press briefing that they’ll caucus on the issue this week. In addition, Governor Tim Walz said marijuana legalization will be one of the first bills he would sign. With that said, now is the time to take action to advocate and lobby to help Minnesota have adult use cannabis.
Colorado voters approved certain psychedelic plants and fungi. As Colorado helped pave the way for adult use legalization, the state serves as a barometer for future, similar business models. The provision of state regulated healing centers displays the future regulation of the industry for legal businesses to operate in. If you are interested in the potential business opportunities make sure to educate yourself, build a network, and reach out to Canna Advisors for help. The program begins in 2024 and in 2026 other plant based medicines may be added.
Outside of the election, Alabama medical marijuana license applications are due December 30. There are some local counties and municipalities that have opted in for cannabis however some localities have been delayed on preparing zoning ordinances and may not have “official” paperwork available. The application requires proof of local ordinance support so if individuals are worried about this they should get documented evidence from localities affirming their business application and as soon a zoning ordinances are in place they will provide it to the applicants and include this in the application itself.
There are tons of developments out of the election besides our big winners of Maryland and Missouri so please catch Canna Advisors Cannabis Election Recap on December 5.