Maryland Medical Cannabis Licensing Opportunity
An emergency bill, otherwise known as the Natalie M. LaPrade Medical Cannabis Commission Reform Act, was signed into law by the Governor Larry Hogan on May 15, 2018.
The bill was previously on hold as the state waited for results from a Disparity Study to evaluate minority and women-owned business participation in the medical cannabis program. After the Disparity Study Report was released, the bill began to move through legislation again.
The bill allows for 20 new medical marijuana business licenses – 7 grower licenses and 13 processor licenses – which would be issued in such a way that ensures racial diversity among the companies that win them.
The Maryland Medical Cannabis Commission (Commission) shall establish an application review process for granting medical cannabis business licenses in which applications are reviewed, evaluated, and ranked based on criteria established by the Commission. The Commission will also determine the application and licensure fees.
The Commission will encourage applicants who qualify as a minority business enterprise, as defined in § 14–301 of the State Finance and Procurement Article, or who are small, minority, or women–owned business entities to apply for licensure as medical cannabis businesses.
Beginning June 1, 2018, medical cannabis businesses licensed by the Commission shall report annually:
- The number of minority and women owners of the medical cannabis business;
- The ownership interest of any minority and women owners of the medical cannabis business;
- The number of minority and women employees of the medical cannabis business.
Interested in Starting a Medical Cannabis Business in Maryland?
It’s best to use this time to better prepare yourself for when the state makes applications for medical cannabis grower and medical cannabis processor licenses available.
To educate yourself more on the application process and start drafting your application, download our Maryland Medical Marijuana Starter Package, which includes:
- An Informational Overview of Maryland’s pending medical marijuana laws
- An Application Guide and Checklist which gives a detailed summary and checklist of all action items you’ll need to complete before submitting your application
- A Business Plan Template to help you start drafting the required plans and executive summary for your business
- A Financial Plan Template to give you and your investors a comprehensive 3-year projection of what you can possibly expect when selling marijuana
To inquire about our custom solutions, fill out our contact form or call 602-621-0648.