Since Arizona approved adult-use sales in November’s election, investors are looking to have sales begin by early spring 2021. Under the new law, there’s room for about 150 new dispensaries to open.
Planning for Licensure and Profitability
Even despite the pandemic, Arizona has been streamlining their medical marijuana process to include digitizing ID cards, and increasing their revenue as a result. Opening the adult-use market for those 21 years and older in Arizona is likely to make the marijuana market double in size. Licenses will be available to counties that don’t already have 2 dispensaries. However, additional licenses might be granted based on a 1:10 ratio with pharmacies in the state. For example, if the number of pharmacies statewide grows by 100, then the state could issue an additional 10 marijuana business licenses. 26 social equity licenses will also be made available.
8 Facts About The New Laws
According to azmarijuana.com, here are 8 facts about the initiative:
1. Adults (21+) would be able to possess 1 ounce of marijuana with no more than 5 grams of it being marijuana concentrates (extracts).
2. Limits home cultivation to 6 plants at an individual’s primary residence and 12 plants at a residence where two or more individuals who are at least 21 years old reside at one time.
3. The Arizona Department of Health Services (ADHS) would have to establish recreational marijuana regulations on or before April 5, 2021.
4. A 16% excise tax (the same as cigarettes and alcohol) would be placed on recreational marijuana products. Money from the excise tax would fund various state agencies and be dispersed between community college districts, police and fire departments, and the Highway User fund.
5. Marijuana use would remain illegal in public places (restaurants, parks, sidewalks, etc). Offenders are guilty of a petty offence.
6. No marijuana products could be sold that imitate brands marketed to children or look like humans, animals, insects, fruits, toys, or cartoons.
7. Marijuana edibles will be limited to a maximum of 10mg of THC per edible, and limited to a maximum of 100mg of THC per package of edibles.
8. Employers have the right to maintain a drug- and alcohol-free workplace.
Next Steps For Arizona Applicants
Arizona is moving quickly to open up the adult-use market. They already have the framework for medical regulations and are pushing forward to get rules in place to open up cultivation, transport, and dispensary businesses. Get your team together, and contact Canna Business Services to gain help getting the highest level of certainty of getting your New Jersey application approved. Read about our application process, and find success in the cannabis industry by booking our consultation services online.