Start Preparing Now for New Cannabis Opportunities in Utah
Utah recently released a cultivation Request for Applications (RFA), and we expect applications for medical marijuana pharmacies to be released sometime in the fall of 2019.
Up to 10 grower licenses will be awarded in July 2019, and cultivators are expected to have plants ready by January 2020. Cultivation facilities are limited to a maximum of 100,000 square feet of indoor space and a maximum of four acres of outdoor space.
Medical marijuana sales to patients are required to start on March 1, 2020. This is a short turnaround time for businesses to become operational after licensing applications are released and licenses are awarded this fall. The first dispensary licensing round is limited — only 7 medical cannabis pharmacy licenses will be awarded to private companies in Utah.
Well-capitalized entrepreneurs who are interested in pursuing a medical cannabis pharmacy license should be actively preparing for submission in order to be ready for short state-implemented deadlines.
Contact our cannabis consultants today to discuss what you need to be doing now to be properly positioned to win a competitive marijuana license in Utah.
Cannabis Business Guidance in Utah
While Utah's new medical marijuana program is still developing, what we do know is that it will be highly competitive and require a large amount of capital to get into the first rounds of licensing. We can help you sort out the facts, educate you on the actual market conditions and opportunities, provide specific information based on what type of cannabis business you want to start, and begin developing goals and plans. Bob Wagener, our VP of Business Development, shares more insights about getting started in states with new cannabis programs here.
Get prepared in advance for the state’s RFA to open a licensed medical cannabis pharmacy in Utah. The most immediate actions you can take now to increase your chances of winning a competitive cannabis business license in Utah are to begin putting together a business plan, get involved with or initiate advocacy efforts, and seek out local ancillary businesses to partner with, such as CPAs and law firms. Contact us now to start your Financial Modeling, Opportunity Assessment, Facility Design Concepts, and Hourly Learning Sessions with our Subject Matter Experts.
Market Conditions in Utah
Qualifying patients may vaporize flower with a medical cannabis device, but smoking and most forms of flower are still illegal in Utah. The forms of medical marijuana that are allowed in the state's program are tablets, capsules, concentrated oils, liquid suspensions, topical preparations, transdermal preparations, gelatinous cubes, and unprocessed cannabis flower in a blister pack with no more than 1 gram of flower inside.
Entrepreneurs and investors who are interested in getting into the Utah cannabis industry should contact us now to start their pre-license positioning and get ahead of the competition.
Stay up-to-date on Cannabis in Utah
Cannabis legalization is changing rapidly. The cannabis consultants at Canna Advisors can help develop your business from the ground up. For the latest news and events in the industry, visit our Blog and News and Events pages, and have a look at some of the following top articles on cannabis in Utah.
“Utah announces 7 medical marijuana board members” - Daily Herald
A smarter, more strategic approach to state cannabis business licenses.
Lean on our proven expertise and unparalleled track record to successfully secure your Utah cannabis license.