Bradley partner Slates Veazey was quoted in the Mississippi Business Journal on interest from entrepreneurs in Mississippi’s newly enacted medical marijuana program.
The fairly open medical marijuana law fashioned by Mississippi legislators is drawing large interest from entrepreneurs inside and outside of the state. While opportunities are plentiful, so are the risks, say lawyers helping to guide aspiring medical marijuana businesspeople through the state’s regulatory process. Market players should bring strong nerves and acceptance of close scrutiny from regulators.
The state-level scrutiny will come from Mississippi’s Department of Health and Department of Revenue. The Department of Health will issue licenses for and regulate all license types except dispensaries, which fall under the Department of Revenue, explained Veazey. But no one is expecting the regulatory hoops to
discourage potential participants from entering the budding market, Veazey said.
“I don’t think people appreciate what is coming here in terms of just business activity,” he said, and emphasized participation by ancillary businesses will be substantial. “We’ve got professional service providers like lawyers, CPAs, real estate agents, health-care providers – it touches on so many aspects of the economy.”
As as an indicator of activity to come, Veazey said, look at neighboring Arkansas, where over a half billion dollars in sales have been generated since the inception of medical marijuana in 2019, including a reported $265 million in 2021. Arkansas had around 79,000 state-authorized cannabis patients by the end of 2021, state health officials say.
Veazey said the number of registrations of cannabis businesses with the Mississippi Secretary of State’s office reflects strong interest in cultivating, processing, retailing, transporting and providing security for the state’s newest cash crop.
The complete article, “Watchers of Mississippi’s budding medial pot market expect robust participation,” was published by the MBJ on March 25, 2022. (login required)