Former U.S. Rep. William Delahunt spoke in Hyannis about his dealings with Medical Marijuana Of Massachusetts. A company he and several investors have started. Delehunts company has passed the initial vetting process. MMOM hopes to have 2 dispensaries and a growing facility. The Mashpee dispensary and the Taunton dispensary will be supplied by a Cannabis grow facility in Plymouth MA.
Delehunt said “The capital investment required to kick off the venture is substantial. Security systems, equipment and facilities improvements are expected to cost more than $4 million for the three dispensaries and a cultivation facility in Plymouth, said Jonathan Herlihy, chief operating officer, on Thursday. Operating expenses, including salaries, insurance, rent, fees and taxes, would run about $14 million in the first year.”
Building out the newest industry in the State will surely cost lots of money and will require due diligence.
With 20 tentative dispensary licenses issued local communities are preparing for Medical Marijuana. The City of Boston will host 2 as of now.
No one said it would be easy to implement Medical Marijuana in Massachusetts. But the voters spoke and local leaders must get over the hurdles.
Boston city councilors plan a public hearing to discuss the possibility of medical marijuana dispensaries opening in the community.
Councilors Bill Linehan and Frank Baker should expect local residents, community leaders, dispensary proponents and representative of city agencies to attend the Tuesday afternoon hearing at city hall.
The public is invited to testify about concerns and be on the record. Speaker should arrive early and become familiar with the format, speaking locations and sound system. Anyone wanting to be on the record should bring 15 copies of there comments or testimony in writing.
The meeting starts at Tuesday March 4, 1:30 PM Boston City Hall,1 City Hall Ave, Boston, MA.
The Farm Bill signed by President Obama on 2/6/2014 has an amendment that allows State Agriculture Departments, colleges and universities to grow hemp, defined as the non-drug oilseed and fiber varieties of Cannabis, for academic or agricultural research purposes, but it applies only to states where industrial hemp farming is already legal under state law.
The retail US Hemp Industry is valued at over a half a billion dollars. Clothing to herbal supplements are made from Hemp. Hemp doesn’t contain the same levels of THC in Medical Marijuana. It is reported that many extracts from Hemp have the same healing qualities.
Though no marijuana legalization has been introduced in the 2014 legislative season industrial hemp legislation has been introduced or carried over in thirteen states: Arizona, Hawaii, Indiana, Mississippi, Nebraska, New Jersey (carried over from 2013), New York, Oklahoma, South Carolina, Tennessee, Washington (two bills carried over from 2013), West Virginia and Wisconsin.
Hemp extracts are included in many edibles used to treat pain and most Medical Cannabis Conditions Being Treated now.
There are several companies that have been selling supplement made from Hemp extracts in States were legal. California, Colorado and Washing are places extracts are readily available. These companies are poised to start selling product within weeks.
With so much money to be made with Hemp more states will be passing Farm Bills to monetize crops. 1000′s of products can be made with Hemp.
Rhode Island had a Recreational Marijuana Bill in the house during 2013 but rejected it in a vote. Supporters believe 2014 is the time to move forward with a law similar to Colorado’s. Recreational Marijuana with a separate tax upwards of %25. In Colorado, where authorities have levied a 15 percent wholesale and 10 percent retail tax on marijuana transactions, the price of legal commercial-grade pot has doubled to $400 an ounce since the start of the law.
Law Makers in Rhode Island seem to want Cannabis to be sold like alcohol and tax purely from a revenue side. When most States with recreational laws to date have begun with Medical use government supporters aren’t betting around the bush. They need and want revenue from Pot. The RI. legislation calls for an excise tax of up to $50 per ounce on transferring marijuana from the grower to a retail store and a special 10 percent tax on retail sales of the drug. The state would only allow 10 stores.
The 2014 bill is sponsored by Sen. Josh Miller, D-Cranston, chairman of the Senate Health and Human Services Committee, and Edith H. Ajello, D-Providence, chair Woman of the House Judiciary Committee.
The legislation, if it became law, would bar anyone not of the age of 21 or older from possessing marijuana. Those of age would be allowed to possess up to an ounce of marijuana and grow no more than two mature marijuana plants in “an enclosed locked space.”
Ajello said that a maximum of 10 marijuana stores statewide would be allowed to sell the drug.
The grass roots movement in RI is being headed by Jared Moffat founder of RegulateRI.com
Jared Moffat Founder of Regulate RI
Jared is motivated by unjust and outdated prohibition law. He believes that the War On Drugs has given America more problems than it solves. Especially when it come to Marijuana.
Jaret Moffat mission states “This year Rhode Island has an opportunity to pass legislation that would end marijuana prohibition and create a responsible regulatory model in its place. Let’s become the leader of marijuana reform on the East Coast.”
Jared has dozens of major supporters and the list growing. Join him in his quest to make a change in RI.
The Obama Administration has given permission to bank to do business with Marijuana businesses. By laying out ways for banks to bring marijuana commerce off the Black Market and into the financial system the administration legitimizes thousands of local businesses.
The Treasury Department issued new rules that could make it easier for banks to do business with marijuana dispensers. In separate guidance, the Justice Department directed U.S. attorneys not to pursue banks that do business with legal marijuana dispensers as long as the dealers adhere to the guidelines issued in August.
Until now most banks have refused to do business with the Marijuana industry. It is still illegal by federal law to sell marijuana in the US. Even though President Obama told the DEA and other agencies to stop enforcing the laws law enforcement still does in certain circumstances.
Banks can now enter the 2.5 Billion dollar industry and issue loans and open business accounts those involved.
As Massachusetts navigates introduction of marijuana dispensary licensing this news should help those looking to build Marijuana businesses in the State. That said the banks may chose to not work with the industry as it’s still against banking guidelines to do so. It may be to big of a risk for banks to take as long as the drug is classified in the same way as heroin and other hard drugs.