Massachusetts has issued the state’s first retail adult-use cannabis license, according to a MassLive report. The retail license allows the recipient company, Cultivate Holdings Inc., to sell adult-use cannabis out of its existing medical dispensary in Leicester, Massachusetts.
Cultivate was in competition with 19 other applicants for the first retail license, but it remains unclear when exactly Cultivate will be able to begin sales.
Massachusetts has fallen behind schedule in licensing the cannabis supply chain, especially for transportation and manufacturing. Earlier in June, the Massachusetts Cannabis Control Commission awarded the state’s first cultivation license to Sira Naturals. Other than Sira Naturals and now Cultivate Holdings, the Cannabis Control Commission has not approved any other licenses. Cultivate also applied for cultivation and manufacturing licenses, which are still awaiting approval.
When Cultivate launches operations, their retail license will still require a last inspection from the Cannabis Control Commission before the license is finalized. Also, while medical cannabis is not taxed in Massachusetts, adult-use cannabis is taxed up to three times: 6.25 percent state sales tax, 10.75 percent excise tax, plus possible local taxes that can add up to an additional 3 percent. When Cultivate begins adult-use sales, it will need to tally those separately from medical cannabis.
Cultivate told regulators that, as soon as the hurdles have been cleared and the company’s adult-use sales are profitable, the company will donate 10 percent of profits to local charities.
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Tags: Licensing, Massachusetts | Categories: Cannabis Business News Medical Marijuana News
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