Arkansas Medical Marijuana
On Monday, April 5th, 2017 the Arkansas Senate failed to pass House Bill 1371 by Rep. Douglas House, which aimed to restrict the future owners of Arkansas dispensary and cultivation centers to Arkansas residents of seven years or more. The Senate voted 17-9, which is seven votes short of passing the bill, leaving Amendment 98 still intact.
Amendment 98 “Arkansas Medical Marijuana Amendment of 2016”
Amendment 98 states that 60% of the facilities ownership must be Arkansas residents for a minimum of seven years. What Amendment 98 does not specify is what share the owners must hold. As it sits now 60% of the Arkansas owners could own a much smaller percentage of shares, and the remaining shares could be from out of state investors to meet the state’s requirements.
House Bill 1580 – To Create The Arkansas Medical Marijuana Special Privilege Tax Act of 2016
This bill has now passed the Arkansas House and Senate and waiting for the final signature from Governor Hutchinson. House Bill 1580 states that the house will impose a 4% tax on medical cannabis each time it changes hands. The tax compounds as it is levied on growers’ sales to dispensaries, and on dispensaries’ sales to medical marijuana patients.
This tax is expected to raise $1.2 million in fiscal 2018 and $2.4 million in fiscal 2019. The tax is scheduled to expire after that. The full House concurred with the amendment to sunset the tax in an 83-0 vote.
House Bill 1935 – To Clarify The Effect On Arkansas Public Schools
The original bill banned students who tested positive for marijuana from Arkansas public schools. House Bill 1935 also includes Arkansas medical marijuana patients in the list of students who are unable to attend public schools, as the school will ban any student for testing positive for any forms of cannabis.
ARKANSAS MEDICAL CANNABIS CONSULTING
Are you an accredited investor, investment group, venture capitalists, or group of entrepreneurs looking to enter the Arkansas Medical Marijuana market and do not know where to start? Quantum 9 has a cannabis permit application team comprised of FDA grant writers and project managers that excel in assisting applicants in winning their medical cannabis licenses in emerging states, like Arkansas. For more information about Quantum 9’s consulting services, please visit this link:
Important Links:
https://quantum9.net/arkansas-drafts-medical-marijuana-rules/
Draft Dispensary Licensing Rules
Draft Arkansas Medical Marijuana Rules and Regulations
Supreme Court Disqualifies Medical Cannabis Act
