For the sake of perspective, this is slightly higher than a Whole Foods and much more profitable than the typical pharmacy. Must my Annual Financial Statement (AFS) report include the financial dealings of the previous ownership that occurred during the reporting period? On the buy side, one thing we look for is a medical dispensary doing good numbers under medical in an area we know is about to opt-in to adult use. Should I go to a third-party business to get/renew my registry identification card? Is the lab conducting the testing have any accreditations? If applying for more than one facility license, a separate FLA will need to be completed. This packet must include a passport-type photo, a copy of your government-issued ID, and all other supporting documentation, It encompasses a full background investigation of the applicant and all supplemental applicants. Adults who are . This one year old industry has annual cannabis-related sales estimated at $730 million to $875 million only in 2020, and the estimations for the following years dont disappoint either. However, specific amounts are carryable depending on where you are. Dont miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them. How much is the fee? Can I rescind a physician certification that I already completed for a patient? Email: MDARD-IndustrialHemp@Michigan.gov 300 Great Oaks Blvd, Suite 300-022 Albany NY, 12203, How To Open a Marijuana Dispensary in Michigan. If youre already operating a license just call us. Do not pitch products with incorrect labeling. How should those disbursements be reported on the P3 Schedule of Disbursements? Dispensaries in a seemingly better general location may have sold for less than dispensaries in worse locations, and vice versa. Michigans Marijuana Tracking Act requires the establishment of a statewide monitoring system that can integrate with third-party inventory control and tracking systems such as Covas Cannabis Dispensary POS Software in order to allow: Additionally, Michigan's Adult-Use Marijuana Emergency Rules state that licensees must use a third-party inventory control and tracking system that is capable of interfacing with the statewide monitoring system to track: Michigan has chosen Metrc as its official statewide marijuana monitoring system. Although Michigan has legalized medical marijuana, recreational legalization hasn't quite happened. Marijuana possession in Michigan is not illegal. Bud Trimmer: Budtrimmers prune and trim marijuana and make about $25,000-$30,000 per year. The state tax requirements in medical marijuana in Michigan is 6% sales and use tax. One thing that the pandemic did was give us all a lot of time in the kitchen. Can a CPA working in a bookkeeping firm prepare the Annual Financial Statement (AFS) report? Michigan is a great market, but it's not cheap to operate there. I have an active patient registry identification card and I recently moved. RELATED POST: MICHIGAN PRE-QUALIFICATION MARIJUANA LICENSE. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Many groups new to the cannabis real estate industry in Michigan are surprised to learn that the data reflects more seller financed deals than traditional purchases. The state, If you have been arrested for driving under the influence of cannabis in Illinois, you need to contact an Illinois cannabis DUI attorney as soon, Copyright 2023 | All rights Reserved For both the medical marijuana program and recreational marijuana program, the licenses available in Michigan are: Michigans Department of Licensing and Regulatory Affairs (LARA) is the agency in charge of issuing licenses to cannabis operators. In March 2020 the Marijuana Regulatory Agency announced a phase-out process to end external transfers to the regulated market, which included products grown and processed by caregivers. Covas dispensary POS and inventory management system includes all the features needed to keep cannabis retailers compliant, including: Ron Segev is the founding partner of Segev LLP. The Department of Licensing and Regulatory Affairs has great diversity of licenses and regulation within its oversight. 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. As a processor or a grower, if I hire a caregiver, may I transfer their marijuana into my company? What is the application fee to file an amendment? Michigan Dispensaries Click the map to explore dispensaries in Michigan. Besides the cost of opening a dispensary, other expenses exist - and these will impact your profit margin. Using the Detroit 8 Mile dispensary listings as an example, once the cities of Ferndale, Hazel Park and Centerline came fully online, the appeal of 8 Mile dispensaries and other cannabis businesses for sale in Detroit dropped. Detroit finally announced the rules for allowing licensed adult-use marijuana sales with a conscious effort toward giving social equity applicants a fair opportunity as well. Can I sell edible products off a food truck? Who is a "managerial employee" of the applicant? A marijuana dispensary license in Michigan costs around $44.000, plus additional application fees and the annual renewal. A great location can attract a lot of interest, with groups doing their best to estimate their sales at that location and basing their offer on those estimations. I know you need a license to grow, however, since I will be the one selling would I need a license myself? Can a temporary marijuana event be held overnight? Several Michigan dispensaries have been sued for sending out text messages under the TCPA. But it's illegal to carry beyond 2.5 ounces of cannabis out in public. Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. In Michigan, the location is essential for the prosperity of your business since many local municipalities can choose to ban or limit the number of businesses. This will likely change in when this Act is updated. Does the Agency allow licensing stacking? Do such products need to be registered? There are three different ways that a medical or adult-use cannabis dispensary can send daily compliance reports from their point of sale to Metrc: 1. My business is developing an in-field THC testing kit, and we will collect hemp samples to test the efficacy of the kit. The first step is prequalification, which includes the submission of all application materials, background checks, and payment of the application fee. 2. Medical marijuana patients in Michigan may purchase up to 2.5 ounces of cannabis or equivalent product daily. In the drop down menu for "License Type," select "Provisioning Center - License." 3. How much is the fee? If required elements do come in separately, they will still be processed, but in the order received. Dont miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them. Lastly, cyber security can cause huge problems for a dispensary if their point-of-sale software is compromised. The market for Michigan dispensaries has been incredibly cyclical. Many localities have stated an intention to grant approval later as the market develops. If your application passes the prequalification step, then you will enter the second phase. To renew your expired processor-handler license, you are required to submit your completed renewal application, along with the license renewal fee, and all required documentation. Basic Dispensary training is 2.5-hour class covering what you need to know to work the retail side of the industry: CBD Stores or Cannabis Dispensaries. Should those transfers be reported as revenue on P2 Schedule of Revenue? If you do, you may have been much better off just selling before opening, as you may have gotten a higher sale price with less investment and less hassle. All rights reserved. Can a Medical Marijuana Facility Licensing Act (MMFLA) licensee apply for any adult-use license type? Who is eligible to be an employee for a licensed facility? Michigan adult-use cannabis retailers must: Every regulated cannabis market has its own tracking and reporting requirements. This means ensuring a super good user . The same can be said for many areas throughout Michigan. Unlicensed sale of any amount of marijuana is a felony. Check back frequently as the landscape is evolving daily . When does a patient registry identification card expire? In November 2018, Michigan dispensary laws changed when voters approved the Regulation and Taxation of Marijuana Act, making the Great Lake State the 10th in the U.S. to legalize recreational cannabis. As has been said, unless you are a licensed cultivator, you cannot sell to dispensaries. Can you change the license type, or number of license(s) you are prequalified for without submitting a new application? How Much Does It Cost to Open a Dispensary in Michigan To get a provisioning center or retailer license in Michigan the application fee is $6.000. I run a "hemp derived extraction" company, and we produce different grades of oils and powders that we sell as ingredients to product manufacturers. Does product have to go from a grower to a processor or can a grower sell product directly to a provisioning center? We work closely with our trusted team of growers to ensure the integrity of our product. a question thats on every cannabis entrepreneurs mind. The majority of cities and townships in Michigan have decided to ban recreational sales, though more are planning to roll out locations 2021. No person shall act as a dispensary without a license issued by the Department of Consumer Protection. Once all information is received and confirmed to be correct, your license will be issued. Michigan does not require hemp products be registered. If youre looking to grow, process, or sell cannabis, ourCannabis Attorneyscan help you procure the proper licenses and our agents can help you find a property. Weve won licenses in competitive limited markets, and open market states. Does a microbusiness have to operate in an area zoned for industrial or agricultural use? 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. Can you provide some information on event licensing? Does my ownership for an entity licensed under both MMFLA and MRTMA have to match? For now, there are only medical dispensaries available to [] However, there is a method to the madness, as certain Michigan dispensaries knew how to best position themselves for eventual sale, or best structure the sale, while many others do not. Go to one of Michigan's many recreational weed dispensaries, located throughout the state. While this can be important, it doesnt really have as much relevance as some may think as the numbers really determine the value on the cannabis real estate market. Currently, there are around 500 MMJ licenses and 170 recreational cannabis licenses granted in Michigan, but this industry is only getting stronger so we can expect to have a higher number by 2021. Think of selling to a dispensary as you would with any product to a store. Thanks! Cannabis licenses in every state of the United States tend to be a tricky situation, Michigan is not the exception.