Michigan’s proposed medical marijuana regulations could very well force some existing companies out of business if they lack the financial cushion needed to secure a new license.
The proposed rules would require companies to have up to $500,000 to get a business permit.
According to MLive.com, the state’s Department of Licensing and Regulatory Affairs recommended marijuana businesses have the following amounts of start-up capital to receive a license:
- Grower class A (500 plants) – $150,000
- Grower class B (1,000 plants) – $300,000
- Grower class C (1,500 plants) – $500,000
- Processor – $300,000
- Provisioning center – $300,000
- Secure transporter – $200,000
- Safety compliance facility – $200,000