Interest in Maryland’s medical cannabis industry is rising quickly, with companies that plan to vie for licenses spending money and time on developing an infrastructure.
The state’s application period for cultivation, dispensary and processing licenses is open until Nov. 6.
At least 60 businesses are expected to apply for the state’s 15 cultivation permits, the Washington Post reported.
Peak Harvest Health has raised $12 million for its planned operation and is already retrofitting a 152,000 warehouse for a cultivation site.
Green Leaf Medical has leased a 42,000 square foot warehouse after raising $1 million. Other companies, including New York-based Citiva Medical and Alternative Medicine Associates, are also moving forward with plans to apply for licenses by scouting out locations, obtaining local support and working out logistical plans for their operations.
The fact that there’s no residency requirement in Maryland means it’s ripe for the picking for out-of-state business interests looking to expand.