If youre already operating a company just call us. You are required to complete both Step 1 (Pre-Qualification) and Step 2 (Full Licensure) before you can open the doors and begin operations. Many 8 Mile dispensaries were seeing eight figure offers. How to Apply for a New York Cannabis License, How to Apply for A Cannabis Retailer License in Minnesota, Illinois Cannabis DUI Lawyer What You Need to Know, Washington Social Equity Cannabis License Application, Illinois Cannabis Dispensary Application 2023 | Social Equity License Lottery, How to raise funds for your cannabis company. Only sell product to individuals aged 21 years or older after the product has been tested and bears the required retail label, Enter all transactions, current inventory, and other required information into the statewide monitoring system through a third-party inventory control and tracking system such as Cova POS, Verify customers are 21 years of age or older by means of a government-issued photo ID, Verify that the sale will not exceed the transaction limits, Verification of age and validity of medical marijuana patient card, Retention of a record of the date, time, quantity, and price of each sale or transfer of cannabis, Determination of whether a particular sale or transfer will exceed the permissible limit, All cannabis plants, products, packages, purchase totals, waste, transfers, conversions, sales, and returns, Lot and batch information throughout the entire chain of custody, Complete batch recall that clearly identifies all required criteria pertaining to the specific batch subject to the recall, ID scanner for age and patient card verification, Integrated inventory and sales tracking and reporting, Built-in product equivalency conversions and purchase limit enforcement. Feminized Seeds Growing Cannabis Seeds in Michigan For the most part growing cannabis seeds is easy. For dispensary buyers, seller financing can save a lot of up-front money, which can instead be used to build out the inventory and stock shelves. If youre already operating a license just call us. There are also additional fees that are allowed by the MMFLA(Medical Marijuana Facilities Act). So basically unless your buddy is licensed by the state and has approval from the city he is growing in you're going to be shit out of a luck. If I report the financial dealings of the prior ownership of my licensed entity in my Annual Financial Statement (AFS) report, am I responsible for the state of the financial records or the financial dealings of the prior ownership? The state will not set a limit on the number of licenses issued; however, local municipalities may choose to restrict or limit the type and number of facilities licensed in their jurisdictions. Usually, seller financing is a verified win-win for both buyers and seller. An overview of the medical and recreational marijuana laws in Michigan. This means ensuring a super good user . Transfers of product between my licenses are not recorded as revenue in my general ledger. What this means is that these companies, and many larger private companies, value dispensaries strictly on revenue or sometimes EBIDTA multiples. 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. Watch out for additional taxes at the municipal level. Other strains include; Strawberry Guava at $45, Mint Chocolate Chip Cookies . Can I apply for a state operating license if I have a medical marijuana card? Michigan adult-use cannabis retailers must: Every regulated cannabis market has its own tracking and reporting requirements. Try not to do this at peak hours like weekends, or the end of the workday. The Cannabis Regulatory Agency will establish Michigan as the national model for a regulatory program that stimulates business growth while preserving safe consumer access to cannabis. Submitting a partial renewal application will not expedite license issuance. Our number is in the lower right corner works even on desktop. Can I submit one Annual Financial Statement (AFS) report that includes all my licensees that are commonly owned? As of January 2020, it's legal for Illinois residents over 21 to possess 30 grams of marijuana, 5 grams of concentrated cannabis and products containing up to 500 milligrams of THC. For retailers is $25.000 for new licences, while for provisioning centers is $44.000. I plan on seeking multiple licenses from the Agency, do I have to pay the $6,000 application fee for each license? You cannot have any Marijuana products within reach of patients or customers. Avoid trying to wholesale cannabis products without the proper licensing. You will not need the license for sampling and testing alone. The application fee must be paid before the application can be processed. When you work out the numbers, the seller would have received closer to $1.15M, or an extra $300,000, with seller financing. What is the timeline to process an adult-use application? Everyone involved in your business will have a background check during this phase. It takes you from hiring a lawyer who specializes in Michigan's cannabis laws & regulations to help . Culinary Cannabis. But that is coming to an end real fast. The state tax requirements in medical marijuana in Michigan is 6% sales and use tax. How much is the fee? Can I find out the status of my patient's application if I contact the MMMP? As the #1 place to buy marijuana seeds in Michigan, Pacific Seed Banks is proud to bring you top quality, fully feminized cannabis seeds. Who can prepare the Annual Financial Statement (AFS) report? Should I submit my full application (Step 1 and 2) together? Also, during the process, you will need to submit a site plan that covers everything from the building layout to security to trash management, and you may need to lobby for approval. Our number is in the lower right corner works even on desktop. A microbusiness license allows the holder to grow up to 150 plants, process flower into marijuana products such as edibles and extracts, and sell direct to the consumer, all with one MRTMA license. This will likely change in when this Act is updated. As has been said, unless you are a licensed cultivator, you cannot sell to dispensaries. I am a Certified Public Accountant (CPA) conducting the Agreed-Upon Procedures report. This can really skyrocket expenses for a burgeoning business. All of our seeds are lab tested for genetic quality, hand picked just for you, and shipped directly to your door in . All rights reserved. Although medical marijuana has been legal in Michigan since 2008, there was no allowance for dispensaries; however, the new legislation set up a framework for the licensing and operating of medical marijuana dispensaries, which Michigan refers to as "provisioning centers," along with adult-use retail stores. But, from March 2021, Michigan will start accepting applications for recreational cannabis licensing opportunities from entrepreneurs who did not previously hold medical marijuana licenses. What is the Annual Financial Statement (AFS) reporting period? Broker - Engaging or participating in the marketing of industrial hemp by acting as an intermediary or negotiator between prospective buyers and sellers. Michigan's Industrial Hemp Research and Development Act, PA 547 of 2014, as amended, requires any person who is marketing industrial hemp in Michigan to be licensed as a processor-handler. Having said that, when representing buyers, this is generally one of the first questions they ask. You're taking their product and benefitting from it - again, a question for an attorney as this is out of CRA's regulatory authority. Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. The Cannabis Regulatory Agency will establish Michigan as the national model for a regulatory program that stimulates business growth while preserving safe consumer access to cannabis. If you live in Minnesota, your chance is coming soon. However, local municipalities may reduce this distance requirement or impose additional location requirements as they see fit. Launch our Search utility. Is there a limit on how many times an entity can change ownership? After that only licensed grows by the state of Michigan with approval of the city that they're growing in will be able to sell to dispensaries. But it's illegal to carry beyond 2.5 ounces of cannabis out in public. As another example, River Rouge area dispensaries are likely to have their sales cannibalized once Lincoln Park and Ecorse dispensaries open up to recreational marijuana. There is a prequalification phase to fill out all the documents and submit them for consideration. As a matter of fact, we find many public cannabis business do not actually make a profit,with a handful of exceptions. 300 Great Oaks Blvd, Suite 300-022 Albany NY, 12203, How To Open a Marijuana Dispensary in Michigan. How do I remove my current caregiver? Many of the big companies that were driving up the purchase price of state dispensary listings stopped buying, and this caused the prices to fall off a cliff. What should I be paying for marijuana where I live? Will my license expire and how often will I have to renew my license? Weve won licenses in competitive limited markets, and open market states. You should know that for the first two years, the. 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. Can I transfer a marijuana license from one entity to another? Some of the strains at this price include Purple Punch, London Pound Cake, Triple Chocolate Chip, Mendo Breath, Caesar, Mimosa, Cookies and Chem, Mac 1, Skunkberry, Tropicana Cookies. What percentage of sales tax are medical facilities required to pay? Not only that, but you can draft the purchase and sale documents such that you are not only OK if the buyer stops making payments, but you actually may hope they do as you can take back your property, keep the money theyve already paid, and sell it again! Do companies need liability insurance to obtain a Processor-Handler License? Learn how to remain compliant with Michigans cannabis retail laws. Yes. Will CRA contact me after my Annual Financial Statement (AFS) report is submitted? 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. RELATED POST: MICHIGAN PRE-QUALIFICATION MARIJUANA LICENSE. Cannabis Market Taxation and Regulatory Compliance Analysis Grant Program, EGLE: Cannabis Environmental Regulatory Information. This applies to both physical and online sales activities. Do I need a processor-handler license? Class A is a Grower license for 100 marijuana plants, Class B is a Grower license for 500 marijuana plants, and, Allows applicants to begin the application process while still seeking a location for the proposed marijuana facility, It starts by filing an Entity/Individual Pre-qualification Packet. How do I update my name on my registry card? This page is informational only and should not be considered legal advice. How can a caregiver withdraw from the program? This is an initiative offered to veterans to receive assistance getting to the appropriate area under LARAs authority by speaking to a LARA employee who is also a veteran. For now, there are only medical dispensaries available to [] 2. As a Michigan cannabis real estate broker, I have worked on deals on the seller side where I was shocked to discover that anyone would agree to pay that amount. Our LARA Veteran Liaisons may be able to help you navigate through the process and programs within our Department. Hemp-derived topical lotions and tinctures with a THC concentration of 0.3% or less may lawfully be marketed and sold in Michigan with this license. Unlicensed sale of any amount of marijuana is a felony. There is an additional $100 fee to cultivate . Refrain from crossing state lines. It is required by many municipalities before even applying for a local permit. Check the State of Michigan Career Portal for a list of current openings in Michigan government.