As a state, Mississippi just legalized medical use of cannabis in 2022. Despite just recently legalizing, they are moving quickly to set up medical program regulations and begin accepting applications. Read more about their progress below.
Mississippi’s Medical Program Basics
Many are hoping that the Mississippi medical program is similar to the success of neighboring state, Oklahoma. The broader hope is that the tax dollars from medical cannabis sales will revive the South. Mississippi is offering the following license categories: cultivation facilities, processing facilities, testing facilities, waste disposal entities, transportation entities, and medical dispensaries. The Department of Revenue, who is responsible for cannabis dispensary licensing, anticipates accepting applications beginning in July 2022.
Current Market Considerations
One positive is that there are no cap on licenses, like Oklahoma’s program. However, licensing fees are steep. $15,000 is the application fee, and another $25,000 is due annually. With fees like this, it’s imperative to ensure your application is solid and has professionally-written narratives.
Real estate is another consideration. It might prove to be difficult to find real estate given the strict regulations about where retail businesses are allowed to set up shop. For example, dispensaries cannot be located within 1,000 feet of churches, schools, or daycare facilities. Additionally, dispensaries cannot be located within 1,500 feet of each other.
Next Steps
Localities have until May 3rd, 2022 to opt-out of participating in the medical program. This deadline is on par with the expectation to begin sales by the end of the calendar year. The structure that Mississippi has put in place leads cannabis market analysts to believe that their process for establishing a medical market will be more orderly and efficient than states like Oklahoma.
Given the pace that Mississippi has set, it’s time to start building your business plans! Contact Canna Business Services for application support, industry guidance, and business planning.
