There was a rush of medical marijuana applications submitted prior to the August 31 deadline, reports the Kentucky Office of Medical Cannabis (KOMC).
According to the KOMC, there has been a total of 2,650 applications submitted for those wanting to enter the legal medical marijuana industry as of August 30. This includes 2,282 applications for dispensary licenses. This number is likely to increase once the KOMC releases application data for the 31st.
In July, only 28 applications were submitted, with just a few hundred more in the first half of August, leading some to believe that the industry lacked enthusiasm. However, applications surged in the days leading up to the deadline.
Starting January 1st next year, licensed dispensaries will be allowed to sell cannabis products to qualifying patients. The state will award these licenses in October through a lottery system. Kentucky will grant a maximum of 48 dispensary licenses, with at least four distributed across each of the state’s 11 licensing regions. Jefferson and Fayette counties will receive two licenses each, while other counties may receive no more than one.
Below is a breakdown of the applications receive so far:
Cultivator Tier I: 96
Cultivator Tier II: 96
Cultivator Tier III: 56
Processor: 117
Dispensary: 2282
Safety Compliance Facility: 3
Applicants for cannabis business licenses must demonstrate financial capability and pay application fees. Dispensary and processor applicants must show $150,000 in capital and pay a $5,000 fee. Cultivators must meet capital requirements of $50,000 to $500,000, depending on tier, with fees ranging from $3,000 to $20,000.
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