Under the new regulations, enacted as of November 8, 2016, Arkansas will be open for medical marijuana businesses. The state will allow at least four (4) but no more than eight (8) cultivation facility licenses and at least twenty (20) but no more than forty (40) dispensaries, all of which will be regulated by the Alcoholic Beverage Control Division.
The main requirement for owning a medical marijuana business is you need to be a current resident of the state and have been living there for at least 7 years prior to applying for a license.
As of right now, the state has 120 days to adopt rules concerning the licensing and regulation of dispensaries and cultivation facilities and shall begin accepting applications by July 1, 2017.
To get ahead and be prepared for when the state will start licensing marijuana businesses, you should:
The state will allow potential business owners to open a dispensary in Arkansas. Whether this is possible or not will hinge entirely on the city and/or county of choice, as the state allows the local municipalities to ban or place moratoriums on whether to license marijuana retailers for operation or not.
Applicants for a dispensary license shall provide proof of assets or a surety bond in the amount of $200,000.00, and proof of at least $100,000.00 in liquid assets.
There will be a $7,500 fee at the time of application in which only half or $3,750 is refundable. The license fee is $25,000 for Cultivating Dispensaries and $2,500 for Non-Cultivating Dispensaries.
Same as Dispensary steps, the only difference is that you will be contracting with dispensaries, delivery services and/or edible/extraction/infused products manufacturers to grow marijuana for them.
Applicants for a cultivation license shall provide proof of assets or a surety bond in the amount of $1,000,000.00, and proof of at least $500,000.00 in liquid assets.
There will be a $15,000 fee at the time of application in which only half or $7,500 is refundable. Then, the license fee is $100,000.