Just 100 companies are still in the running for medical marijuana dispensary licenses in Massachusetts after Thursday’s deadline to submit applications.
The health department said it received 100 applications to advance to the final stage of the process, meaning 58 companies that made it past the initial rounds decided not to move forward, according to the Boston Globe
Many applicants likely bowed out after regulators announced a rule change requiring each company to prove it has $500,000 available for startup costs.
Prior to the change, companies simply had to show they had investors lined up willing to provide the money.
Applicants had until 3 p.m. to submit their applications. Each application included a non-refundable fee of $30,000, meaning the state raised $3 million in this phase of the process alone.
The state’s health department will now begin an intensive review of the applications. Officials hope to name the finalists for up to 35 dispensary licenses on Jan. 31, with sales expected to begin later in the year.