ARKANSAS - Tomorrow, licenses to grow marijuana for medicinal use will be handed out in Arkansas.
At least one of the companies vying for cultivation facility is based in Memphis. Former Memphis attorney Jay Bailey says his company, Tri State Weed and Wellness, is prepared to start building a cultivation facility in a matter of days. The Medical Marijuana Commission is awarding the licenses Tuesday.
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"We're prepared to break ground immediately," Bailey said. "Big day, big day a lot of money at stake. A lot of time and effort that has gone into this. I spent approximately 4 1/2 months of my life doing nothing but working on an application that would be heavily scrutinized and be heavily competitive.”
95 companies filed an application to grow marijuana in Arkansas. We went through all the applications that ranged from 400 to 3000 pages. On Tuesday night, we'll find out which 5 will get it.
It's a pricey gamble. Bailey says it cost about $60-grand just to submit the application. The 5 companies who get a license then must pay $100,000 licensing fee and post a half a million-dollar bond within seven days.
While we were going through the applications, we found several big companies based in Florida and other states trying to get a foothold in Arkansas' cannabis industry. The risks are big and so is the money. Bailey projects first year sales somewhere around the $40 million mark if state's projections of 40,000 patients is correct.
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