Now is the best time to get started. Last November, 71% of Floridians voted for Amendment 2, which will expand Florida marijuana laws.
What you need to know
It has been predicted that Florida cannabis sales will surpass Colorado in a couple of years. Florida is expected to generate $1 billion in medical marijuana sales by 2019.
Although the law went into effect January 3, state regulations will not be finalized until June 3, and ID cards will not be issued until Sept. 13.
The Florida Department of Health is currently writing the Florida marijuana regulations for Amendment 2, — they have 6 months to write the rules and 9 months to implement them.
However, here are some of the Florida marijuana legalization rules previously implemented under the Compassionate Use Act. Many are hoping some of these rules are re-written and relaxed this year to allow more businesses to be licensed, but there’s no guarantee.
2015 Licensing Requirements for Florida Medical Marijuana
- The fees for a license were $300,000 plus a $5 Million performance bond.
- Cultivation, processing, and distribution of the final product must take place at the same locations. Growers are limited to nurseries that have been doing business in Florida for at least 30 years and are producing at least 400,000 plants.
- All owners and managers of the Applicant (and proposed Dispensing Organization) need fingerprints and to have successfully passed a level 2 background screening.
- All of the cultivation, processing, any other activity involving low-THC cannabis must take place “in an enclosed and locked facility.
- Businesses must have access to specialized resources or expertise regarding data collection, security, and tracking.
The rule also includes strict protocols for tracking their inventory of cannabis.
- Dispensaries would have to document each day’s beginning inventory, seeds and cuttings, harvest, processed products, sales, disbursements, disposal of unusable plants or products and ending inventory.
- Growers would also have to keep track of the cannabis harvests, including:
– the harvest number
– whether the harvest originated from seeds or cuttings
– the origin and strain of seeds or cuttings
– the number of seeds or cuttings
– the date the seeds or cuttings were planted
– lists of all chemical additives
– the number of plants grown to maturity
– the date of harvest; final harvest yield weight
– disposal of plants or plant parts not used for production and the reason and methods of disposal, including the name of the agent responsible for the disposal.
Keep in mind these are the requirements from 2015. There’s no way to know for sure these requirements will stay the same.
What we do know for sure is that 10 new conditions, from Cancer to PTSD, now qualifies patients for medical MJ in Florida. Dispensaries and qualified prescribing doctors are receiving inquiries daily from potential patients eager to began treatment.
Our sources tell us Florida state cannabis requirements are expected to soften and allow more businesses to qualify in order to meet the needs of the 450,000+ new MJ patients expected to register this year.
4 Steps You Can Take to Get Ready
While we wait to hear what the final Florida cannabis regulations this year will require from you, it’s a good idea to start preparing today so you can be ready.
Here are some best practices for building the foundation of your cannabis business:
1. Stay educated.
Keep an eye on the FL Office of Compassionate Use’s website for new info.
Also, create a google alert for “Florida cannabis” and “Florida marijuana” to ensure you know when new information is available.
Work with industry experts to know what sites to reference, and conferences to attend, and understand the National Scope and FL state-specific information.
2. Build a team.
Now is the time to build a team of people who know the industry, have experience building cannabis businesses, and can share best practices, tools, and resources to help you meet state requirements.
You don’t want to be behind the curve. The right team can help you navigate the uncertainty and create a strong foundation for a thriving cannabis business.
3. Understand the ROI.
Build a Business Plan and Pro Formas, attract investors, and have the foundation for your application ready to go; learn what it takes to be successful in the industry.
4. Create a flexible approach.
What will be required of cannabis business applicants? We don’t know for sure. That’s why you need a flexible approach that helps you adapt to new developments and changing laws.
There are a few common areas all states regulate regarding cannabis legalization. You’ll want to think through these aspects of your business now. These requirements include security, education, location, tracking, and labeling/packaging. Also, remember that banking and business loans are still an issue in our federally illegal market.
