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Mixed Signals in Florida + IL Prepares for Applications & Study on MMJ Delivery

Posted on  September 09, 2014 by  News Admin

Polls show differing levels of support for medical cannabis legalization in Florida, Illinois gears up for MMJ applications and a study examines the impact of marijuana delivery services. Here’s a closer look at some notable developments in the marijuana industry over the past week:   Florida Polls All Over the Board Two polls surfaced this week that attempt to gauge the level of support for Amendment 2, the measure to legalize medical marijuana in Florida. One – conducted by a firm called Gravis Marketing – found that 64% of registered voters surveyed would vote “yes” on the initiative. Cannabis advocates rejoiced, saying the measure appears poised for success just two months out from the election. But not so fast. Shortly after Gravis released its survey data, a separate poll by the Bob Graham Center for Public Service emerged, finding support levels at just 57%. The poll was conducted in collaboration with the University of Florida Bureau of Economic and Business Research, the Tampa Bay Times and Bay News 9. The two polls differ in several ways. But they both use language from the text of Amendment 2, so they are similar in a key regard. The result of the Bob Graham Center poll is cause for huge concern, as the MMJ measure needs 60% of the vote to pass. If it’s the more accurate of the two polls, medical marijuana might not become a reality in Florida this November. What’s more, both polls show lower levels of support than one...

Illinois Releases Final MMJ Application Forms

Posted on  September 05, 2014 by  News Admin

Aspiring cannabis entrepreneurs in Illinois now have access to official license application documents. The state’s health department has posted dispensary and cultivation center applications to its website, including instructions, attestation documents for company officers and criminal history and zoning forms. The department previously released draft application information but has since finalized the forms. The application paperwork also includes the description of how the state will score applications. As previously reported in Marijuana Business Daily, the scoring process is extensive. The window to submit all paperwork runs from Sept. 8-22.

Debt Fund Launched for Illinois MMJ Startups

Posted on  July 26, 2014 by  News Admin

Entrepreneurs looking to enter Illinois’ medical marijuana industry could get help with one of the biggest issues facing cannabis startups: funding.Prairie Wellness Fund Ltd. announced it is hoping to raise as much as $100 million dollars to provide fledgling marijuana companies in Illinois with letters of credit and loans to help them qualify for business licenses and gear up operations.The move opens more doors for wealthy individuals and investors who want to get involved as well.The state will allow 21 dispensaries to operate, each of which faces significant expenses for real estate, buildouts and starting inventory – on top of a $2 million surety bond and $500,000 in working capital demanded by the licensing authorities. The locations are expected to begin operating in spring 2015.The debt market for financing cannabis companies is especially lucrative, and its perceived risk is lessening as the government backs off the industry.Executives at Prarie Wellness said that loans extended would likely carry interest rates similar to credit cards, as repayment would be tied only to the personal guarantee of the individual borrowing the funds.The fund is expected to officially begin soliciting investors in September.

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