Applications—the state is accepting bids for five cultivators and up to 32 dispensary operators—must be delivered to the commission by Sept. 18, at which point applicants must submit a $15,000 fee. Applicants must also provide proof of assets or a surety bond in the amount of $1 million, along with proof of at least $500,000 in liquid assets, according to Talk Business.
Despite the small number of applications received, state Rep. Doug House (R-North Little Rock) said he expects a mad rush as the deadline nears. He said he’s had conversations with several investor groups planning to seek cultivation and dispensary licenses.
“I think there is going to be a mad rush on the last day,” House told municipal officials at the Arkansas Association of Counties (AAC) in Little Rock earlier this month.
House has been a supporter of medical marijuana bills in Arkansas. The Republican lawmaker sponsored more than 50 medical marijuana bills approved by the Legislature this spring.