Missouri receives 200-plus applications for medical marijuana licenses in Week 1

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Plenty of entrepreneurs are showing interest in opening medical marijuana businesses in Missouri, a market that experts predict could be favorable to cannabis commerce.

The Missouri health department said it has received more than 250 forms and over $2 million in application fees in the first week of accepting applications from those seeking to grow or distribute medical marijuana.

Missouri voters in November approved a constitutional amendment that allows medical marijuana sales in the state.

The Missouri Department of Health and Senior Services is still formulating rules to regulate the new industry.

Entities seeking a cultivation facility must pay a $10,000 application fee.

Those seeking to distribute medical marijuana or manufacture MMJ-infused products must pay a $6,000 fee.

Missouri’s medical cannabis market has the potential to generate $175 million-$275 million in annual sales within several years of the opening of the state’s first dispensary, according to a Marijuana Business Daily projection.

Associated Press and Marijuana Business Daily