According to the New York Times, a new era of marijuana entrepreneurs incorporated are ready to begin investing in the number one cash crop of the next century.
This is sexy, this is drugs," one speaker, Adam Bierman, a managing partner of MedMen, a California- based consulting company, told a group of investors in a crowded New York conference room.
Under New York's new marijuana policies, licensed marijuana businesses will be able to grow and sell their own marijuana from "seed to sale"'. Despite current state law allowing the use of medical marijuana to treat a limited number of serious conditions such as cancer, multiple sclerosis, Aids, and others, marijuana is still illegal on the federal level.
Considering the limited nature of the amount of dispensaries that will be allowed to operate in New York, cutthroat competition required to acquire them is an understatement. Applicants can expect to spend no less than several hundred thousand dollars in order to get their permits, as start up costs alone could potentially top an estimated $20 million. One lobbyist in New York stated that anyone seriously interested in starting a dispensary should " be prepared to spend at least a million dollars", just on the application process.
For More Information: http://www.nytimes.com/2014/11/02/nyregion/a-competition-to-get-a-medical-marijuana-license-in-new-york.html?_r=0