December 06, 2017 Michigan
Rick Snyder, Governor of
Under the newly introduced regulation, businesses applying for licensing must exhibit capitalization in between $150,000 to $500,000, subjected to the extent of operations. It is also mandatory to have 25% of the capital in the form of liquid assets. These assets include hard cash, investment bonds and cannabis inventory.
To meet the capital requirements for licensing, applicants can’t use more than 72 cannabis foliage and 15 ounces of functional cannabis. Acquiring license will cost $6000 to the MMJ operators.
Licensees have to inform the state police, Department of Licensing and Regulatory Affairs and other local law enforcements of any loss of valuables and theft within a day. Businesses can be fined for an amount of $10,000 or the total amount of daily sells in case of any violation of rules. Individuals will be fined for up to $5,000 for breaking the rules.
Cultivating, processing and provisioning of the products can be managed from the same location if the local municipality allows it. However, visitor’s registry, separate entry and exit points and video supervision inside the establishment are the essential requirements.
Advertising of MMJ products on public spaces such as sidewalks, parks and streets will remain prohibited. Under the new rules and regulations, MMJ provision centers will be subjected to 3% tax.
The multi-tiered licensing system in Michigan is being formulated under the previous year’s approved bill to regulate medical marijuana more strictly. The bill was introduced to clear the confusion regarding 2008’s voter-approved measure to legalized MMJ.
Importance of medical-use of marijuana in the state of Michigan can easily be gauged by the numbers. More than 265,000 patients have already enrolled with the state to cultivate their own medical cannabis or to get it from 42,000 listed caregivers who are only able to cater a very limited number of patients.
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