San Diego Could Become One of Nation’s Hottest Medical Cannabis Markets – Again
The national medical marijuana spotlight has focused squarely on Massachusetts ever since the state legalized MMJ in November, with consultants, law firms and other ancillary cannabis companies scrambling to get in on the ground floor of a hot new market. The launch of the first dispensaries in Arizona has also garnered a fair share of attention, as the state will be home to one of the larger medical cannabis industries in the US.
But the biggest near-term business opportunities may very well be in one of the nation’s oldest medical marijuana markets: San Diego.
A proposed ordinance up for debate in the San Diego City Council could pave the way for dozens of medical cannabis dispensaries – possibly as many as 100 – to open in the near future. If it passes, the measure would lead to a revival of the city’s medical marijuana industry, which is barely clinging to life after local enforcement forced hundreds of dispensaries to shut down over the past two years.
The council will take public comments and ultimately vote on the ordinance during its March 25 meeting.
Details of the ordinance have not been released publicly. But, in general, it would allow dispensaries to exist but set up certain regulations on these operations, including restrictions on where they can set up shop. That will create a new playing field for both previous dispensary owners who had to shut down as well as entrepreneurs who want to get involved for the first time.
In fact, medical cannabis companies from other regions are already moving into the market in anticipation that the ordinance – proposed by the city’s new MMJ-friendly mayor – will pass.
The publicly traded firm MedBox Inc. – which provides consulting services and automated cannabis dispensing systems to the industry (OTC: MDBX) – issued a release this week saying it has “boots on the ground” in San Diego to prepare for the opportunities. The Hollywood-based company said its goal is to help clients and entrepreneurs open up to 30 Medbox-branded dispensaries – at a startup cost of $150,000 each – in the city. It claims to have already received deposits on a dozen locations in San Diego that will comply with the new ordinance. The startup fee includes assistance obtaining zoning permits, construction and build-out, and MedBox’s dispensing systems.
At the same time, former dispensary owners are gearing up to re-enter the market quickly. They could have a leg-up on outside competitors and newbies, as they’re already familiar with the market.
The two companies selected to grow and dispense medical cannabis in Minnesota have raised a [click to continue...]
Medical marijuana businesses in Vancouver, British Columbia, may soon be in the city’s crosshairs. The [click to continue...]
An increasing number of states are requiring cannabis companies to track every plant from seed [click to continue...]
The agency in charge of overseeing Oregon’s recreational marijuana industry is planning to add a [click to continue...]
Cannabis business owners harassed by federal prosecutors despite operating legally in their respective states would [click to continue...]
An attempt to legalize medical marijuana in Florida this year via the state Legislature is [click to continue...]
An Ohio organization pushing for medical marijuana legalization in the state says a stronger, more [click to continue...]
A dispensary run by the president of the California Cannabis Industry Association has come under [click to continue...]
Oregon officials in charge of regulating the state’s up-and-coming recreational marijuana industry expect roughly 2,000 [click to continue...]
One of the first commercial cannabis testing labs in the United States is seeking $5 [click to continue...]
The head of the Drug Enforcement Agency will resign next month, prompting cheers from cannabis [click to continue...]
The owners of a planned Las Vegas dispensary held a ceremonial groundbreaking on Monday despite [click to continue...]
Yet another national poll has revealed that attitudes towards legalizing cannabis have grown more tolerant [click to continue...]
Washington State cultivators must be hurting. The average price of a gram of retail cannabis [click to continue...]