BALTIMORE — Starting Monday, businesses can finally start the process of entering an industry that's been legal since July.
Maryland allowed recreational cannabis to open July 1, but only for businesses with medical dispensary licenses.
Now, businesses focused only on the recreational side will get their shot.
"Assuming you meet the minimum requirements you will be placed in a lottery and the winners will be selected," said Dustin Robinson, Co-founder of Mr. Cannabis Law.
Those requirements for the first round include the business be owned and ran by someone considered a social equity applicant.
"Either you have to be in a disproportionately impacted area for five of the last ten years, number two you've had to have gone to a public school in a disproportionately impacted area for five years and the last one is attending a four year institution where forty percent of the students would be eligible for a Pell grant," said Robinson.
The state held a verification process for these social equity applicants.
They need to control 65% of the company for five years before selling.
"They don't want these licenses to be won by a social equity applicant and immediately sold, however if you're a social equity applicant and you're building a business and you want to sell it in two to three years, it's unfortunate that you're not able to sell it and it also makes it tougher from a capital raising perspective as well," said Robinson.
Applicants will need to submit a business plan, operation plan and diversity plan.
Unlike other states, businesses don't have to get the property before they get the license.
In total, 179 licenses will be awarded.
