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Emerald Growth Partners Pre-Qualified For Operations In Michigan

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Emerald Growth Partners Pre-Qualified For Operations In Michigan

Another company is set to enter the Michigan cannabis market.

Detroit-based Emerald Growth Partners announced it was pre-qualified by the State of Michigan LARA Bureau of Medical Marihuana Board for cultivation, processing and retail licenses. The news comes after Cresco Labs (OTC: CRLBF) last week said it received a pre-qualification.

The pre-qualification means Emerald Growth Partners is approved to receive four class C cultivation licenses, one class A cultivation license and one processing facility license. Emerald was also approved to open 12 Pleasantrees retail locations in the state.

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The company said it's completing a 50,000 square foot cultivation facility in the Metro Detroit suburb of Harrison Township and has plans to build an additional 30,000 square foot facility and a 10,000 square foot processing lab.

Emerald Growth Partners anticipates that the 12 Pleasantrees stores will begin launching this year. The company expects to create up to 300 jobs for the state.

Why This Is Important

With around 300,000 registered patients is one of the largest medical cannabis markets in the U.S. In addition, last year the state voted to legalize recreational weed and might become one of the largest recreational cannabis markets in the U.S., given the population of 10 million people.

Both Cresco Labs and Emerald Growth Partners' pre-qualifications come amid the planned shutdown of the marijuana licensing board. Governor Gretchen Whitmer signed an executive order last month abolishing the board effective April 30 and replacing it with the Marijuana Regulatory Agency, an entity within the state Department of Licensing and Regulatory Affairs.

Related Links:

Dispensary Operator iAnthus Reports $14.8M In Q4 Pro Forma Revenue

Cresco Labs To Acquire Origin House In $825M Deal

Posted-In: Detroit Emerald Growth Partners michigan PleasantreesCannabis News Markets Best of Benzinga

 

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