Considering Starting a Missouri Medical Marijuana Business? Here's How
With the passing of Amendment 2 on Election Day, legalizing medical marijuana in Missouri, many investors are considering starting a medical marijuana business in the state. But what's involved in the process? Here's a quick look at the legal outline.
The process of reviewing applications for cannabis licensing in Missouri is a blind process, with all demographic information stripped out of applications before the process begins. The new law requires the state to grant licenses to at least 60 commercial growers, 86 manufacturing facilities and 192 dispensaries.
Applications will need to be received by the MDHSS between August 2 and close of business on August 17. On December 31, completed applications will be reviewed and scored prior to licensing. If you're approved, your license will be received within 150 days of application. The application fees are non-refundable, and if approved, you'll also have an annual renewal fee to pay. For growers, it's $10,000 for application and $25,000 for annual renewal. Dispensaries will see $6,000 for application and $10,000 for annual renewal. Production facilities will have a $6,000 application fee and $10,000 for annual renewal.
In addition, 51% of the business must be owned by someone who has lived in the state for at least a year. The application includes having to detail how you plan to reduce odors caused by growing, handling or processing cannabis. You'll also need character, veracity, background, qualifications and relevant experience references for the top three managers, an in-depth business plan, your site security, your experience in the legal cannabis market, the potential positive economic impact on the community around the business and maintaining competitiveness in the marketplace.
Testing licenses require relevant experience with healthcare and testing for toxins or potency. Grower licenses need to show capacity and experience in agriculture, horticulture and healthcare. Dispensary licenses require experience in healthcare as well as the suitability of the location and its accessibility. Manufacturing facilities need experience in food and beverage manufacturing as well as waste storage and disposal plans.
Though there is a lot of work involved in Missouri medical marijuana businesses, the potential growth and benefits can be a great opportunity to explore. If you need help with your paperwork for a medical marijuana business, the experienced business professionals at AccountRely can help. Please contact us today to get started.