Months after becoming the first midwestern state to legalize the adult recreational use of cannabis, Michigan has unveiled an emergency set of regulations regarding the forthcoming recreational cannabis industry.
The state Marijuana Regulatory Agency says that applications for recreational businesses will be accepted beginning on November 1st of this year, meaning that licenses will be issued later that month.
Speaking of which, the regulations permit new types of licenses (pending local approval), which would allow for marijuana events and open use social clubs.
Also worth noting: there are no capital requirements for entry into the recreational market. Presently, assets worth between $150K and $500K are necessary to apply for a medical marijuana business. But that won’t be necessary for a recreational company.
Josh Hovey, spokesman for the Michigan Cannabis Industry Association, applauded the move: “We particularly like that there are no capitalization requirements, which should help make licenses more accessible to small-business owners.”
The emergency regulations expire in 6 months, by which time a permanent set of rules should be in place. According to Marijuana Business Daily, the emergency rules were set to allow local governments time to decide if they want to ban recreational cannabis businesses.
According to a report from the Brightfield Group issued this May, the recreational marijuana market in Michigan is set to rival Colorado and Nevada by 2023.
You can check out the regulations here.