New data released by the state of Kentucky shows that almost 5,000 applications were submitted by businesses in the state to acquire licenses to sell medical cannabis. This comes after the state legalized medical marijuana for Kentuckians with different debilitating illnesses in March 2023, when SB 47 was signed into law by Governor Andy Beshear.
The application period for those who wished to participate in the state’s medical marijuana program ran from July 1 to Aug. 31, 2024, with 88% of the applications coming in during the last four days. Applicants were only allowed to file applications for one type of license: processor, dispensary or cultivation.
Officials revealed that 4,096 of the 4,998 applications made were for dispensaries that would sell medical marijuana, while 5 were from safety compliance facilities and 917 applications were for processors and cultivators. The state plans to issue 10 tier-1 cultivation licenses, 4 tier-2 cultivation licenses, 2 tier-3 cultivation licenses, 10 processor licenses, and 48 dispensary licenses.
For dispensaries, the state has been divided into 11 geographic zones, with zones that contain Lexington and Louisville receiving 6 dispensaries each while the remaining zones get 4 dispensaries each. It is expected that each county in a zone will have at least 1 dispensary each, excluding Fayette and Jefferson, which will have 2 dispensaries each. Retail stores will also be allowed to run delivery services.
Gov. Beshear stated that from the results, there was a lot of interest among individuals in the state, adding that this was proof the program would meet its objectives. He provided additional insight into how the permits would be awarded, revealing that a lottery would determine those selected to receive the permits. The Office of Medical Cannabis is already reviewing applications, having increased its staff to ensure the licenses are issued before the year ends.
Despite the significant number of applications, the state plans to issue only 48 permits in 2024. The state decided to limit the number of dispensary licenses to ensure that every patient across the state who needed to access medical cannabis can do so.
Some are concerned that large out-of-state companies may have submitted multiple applications, but the system has been set up to prevent these organizations from gaining an unfair advantage. The state will hold its first lottery next month, with the exact date being announced in the next two weeks. Medical marijuana sales in the state are expected to commence in January 2025.
The positive steps that are being taken to roll out the medical cannabis program in Kentucky are bound to be cheered by the overall industry, including established entities such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), since the patients who need these products will soon access them legally at one of the many licensed facilities within the state.
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