Kentucky will begin its lottery for medical cannabis business licenses next month, marking a key milestone in launching the state’s medical marijuana program. There has been an overwhelming response to the program, with Kentucky officials receiving close to 5,000 applications for business licenses before the Aug. 31, 2024, deadline.
Most of these applications, around 4,096, came from individuals and groups wanting to open dispensaries. However, only 48 of those dispensaries will be granted licenses. Governor Andy Beshear commented on the significant interest, stating, “The results speak for themselves. There is amazing, even overwhelming, interest, particularly from Kentuckians. This demonstrates that the program will achieve its goals.”
Beshear also noted that the state is now processing the applications, and the license lottery will be divided based on different business categories. The first licenses to be awarded next month will go to cultivators and processors. This will help ensure the program remains on track for its planned launch in January 2025.
There is a strict deadline for license issuance, and the state is trying to issue the licenses as soon as feasible. With the lottery scheduled for next month and January fast approaching, there is growing concern about whether there will be enough medical cannabis available by the program’s start date.
Beshear acknowledged this concern and assured that a contingency plan is underway. He stated that an executive order would be put in place if the state foresees any issues with product availability. This would allow patients to obtain medical cannabis from other states, such as Ohio, under certain specific conditions.
The state’s medical cannabis program will be relatively small in scale, with only patients with specific qualifying medical conditions eligible to purchase medical cannabis. This means the demand for the product will be lower compared to states that have fully legalized marijuana for both medical and recreational use.
Medical cannabis in Kentucky was passed through Senate Bill 47, which Beshear signed into law in 2023.The law permits patients with qualifying conditions to use medical marijuana; however, smoking marijuana will remain prohibited. Instead, patients will have the option to vape dried flower, similar to Ohio’s medical cannabis program.
The law also sets limits on THC content. Cannabis flower will have a cap of 35% THC, while tinctures, edibles and oils will be limited to 10 milligrams per serving. Concentrates will be limited to 70% THC. Home growing of cannabis is prohibited.
Established companies in other well-established cannabis markets, such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), will be hoping that the medical cannabis program launch in Kentucky goes according to plan so that qualifying patients can readily access the products they need.
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