Medical Marijuana Taking Roots In Michigan Soon

Every new business is required to obtain EIN in Michigan and the medical marijuana industry is no exception. According to Andrew Brisbo, the czar when it comes to launching medical pot in Michigan, a single application requires thousands of documents that could fill one table. He explained that not all applications require that much document but there are instances wherein it takes a lot more.

Last year, the Bureau of Medical Marihuana Regulation was launched through the licensing law released in 2016. Currently, the agency is swamped with hundreds of applications with documents thousand-pages long. These are all submitted by entrepreneurs wanting to cash in with the industry almost a billion dollar worth. According to experts, the state could earn a tax revenue reaching $75 million annually from the new industry.

Brisbo said that they expect the first business offering medical marijuana will be available to the public within the next two months. This will make history in the state of Michigan after the state has legalized the medical marijuana industry. Starting December of last year, the licensing board has already approved a total of 12 businesses out of the 460 they have reviewed for pre-qualification. After which, the businesses are required to go through a facility inspection before they are issued a license.

Many applicants are disappointed because of the slow processing since they have already invested in major equipment and facilities. The current owners of dispensary are also in risk of getting shut down since they have been given a deadline until the 15th of June to legalize their trade or they will be eliminated by the government.

As of writing, the bureau has a total of 14 employees that are working on the review of their licensing. The process has 10 stages and finishing each case could take months of review. Reviews will also be conducted by the Michigan State Police and an investigation firm in contract with the bureau. Aside from the 14 employees, 14 additional staffs are in charge of the field application process.

Looking at the requirements and processes, one can say that to obtain EIN in Michigan for businesses concerning medical marijuana is a taxing process.

Filed under: Business

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Tuesday, June 19, 2018