Massachusetts Potentially a Hotbed for New Marijuana Markets
According to marijuana.com, there is a great deal of interest developing in the newly emerging Massachusetts Recreational Marijuana market. Reportedly there are over 200 applications already in process for consideration by the Commonwealth's Cannabis Control Commission through their website.
Operators of medical dispensary operations that wish to expand into the recreational sales area may have priority certifications, having already passed through the stringent approval process. Those with priority certification applied for licenses through April 16, 2018.
Applications for retail or cultivation licensing will be accepted later this spring.
Commercial sale of recreational marijuana in the state is expected to begin on July 1st following the initiative approved by voters in November of 2016.
One of the business challenges in this new industry is paying for things. Because marijuana is still a federally controlled substance, banks operating across state lines are severely limited in whom they can do business with. This poses a risk of holding cash, especially large amounts of cash. This challenge is felt along the entire vertical: growing, distributing, right down to retail sales. Talk to Gordon Atlantic experts about ways to manage this risk, including insurance options.
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