Last week, the state of Mississippi announced that it had brought in millions in revenues from its new medical cannabis program. Information on the state’s Department of Health website shows that the state raked in roughly $5.7 million in one-off application and license fees from cultivators, dispensaries, processors and transportation companies as well as testing activities within the state.
In specific figures, the state of Mississippi has thus far brought in $25,000 for testing facilities; $37,500 and $12,500 for transportation and disposal licenses respectively; $110,000 and $175,000 for micro-cultivation and processor licenses respectively; and $905,000 for cultivation licenses.
Sales are set to start in November, with more than 100 licensed dispensaries’ applications with Mississippi’s Department of Revenue, which is in charge of tax and fee collection. It is expected that the state’s revenues will increase as sales start toward the end of the year.
Under Senate Bill 2095, which was signed into law in February 2022, patients in the state of Mississippi will be able to purchase concentrated cannabis products, flower, extracts and other products infused with cannabis, including beverages, edibles, oil, ointments and topical products.
The state of Mississippi plans to impose a 7% sales tax on medical cannabis being sold in dispensaries and a 5% tax on cultivators. During the program’s first year, the Department of Health will exact a one-off fee of $40,000 made up of a $15,000 application fee that’s nonrefundable for dispensary license applicants and a $25,000 license fee, which will be paid upon renewal annually. The dispensary licenses to be issued will be valid for a year while the cultivation licenses will only be valid for four months. The four-month duration covers the 90-day growth period for medical cannabis plants.
Individuals in need of transportation licenses will be required to pay a one-off fee of $5,000 as well as a $7,500 license fee. The same fee will be applied to licenses of disposal companies. Under the state’s regulations, transportation, disposal and processing licenses will also expire after four months.
Eligible patients will receive their medical cannabis cards from the health department. Each patient will be required to pay a nonrefundable levy of $25 for this card, with the exception of disabled first responders and veterans, for whom this fee has been waived. Patients with Medicare will be required to pay $15 to obtain the card.
Qualifying conditions that make patients eligible for medical cannabis include Parkinson’s disease, cancer, muscular dystrophy, Huntington’s disease, spastic quadriplegia, glaucoma, AIDS, HIV, amyotrophic lateral sclerosis, hepatitis, ulcerative colitis, Crohn’s disease, Alzheimer’s, sickle cell anemia, PTSD, autism and diabetic/peripheral neuropathy, among many others.
It looks as if the Mississippi medical cannabis market is set to be as lucrative as other markets in which industry companies such as American Cannabis Partners operate.
NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP
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