Detroit Delays Launch Of 'Highly Sought-After' Recreational Cannabis Licenses

Zinger Key Points
  • There are reportedly two more application phases to come, with 160 total licenses available.
  • Only 155 social-equity applicants have received licenses.

Indeed, Michigan's cannabis market is consistently growing.

However, Detroit is dealing with some issues.

Cannabis regulators are reportedly not releasing the 90 applications they received in October for marijuana retail and lounge licenses, according to Axios.

See Also: How To Verify If A NY Marijuana Store Is Legit

Detroit rejected the Freedom of Information Act request for application documents submitted by companies seeking the 60 available adult-use cannabis licenses.

“While grow licenses are unlimited, the city restricts the number of retailers and consumption venues that can open, making licenses highly sought-after. The city is endeavoring to make its recreational weed industry equitable and accessible for longtime residents,” the outlet reported.

The city does plan to "share the full list of successful and unsuccessful applicants with their score based on their application" after it's finalized, Kim James, director of the city's cannabis office, told Axios.

Additionally, “there are two more application phases to come, with 160 total licenses available.”

In three years since adult-use cannabis has been legal in the Great Lake State, only 155 social-equity applicants have received licenses out of approximately 3,100 issued to date, Crain's Detroit reported.

In October, Gage Cannabis, a subsidiary of TerrAscend Corp. TER TRSSF announced its fourth social equity grant recipient, Midwest CannaNurses (MCN), a Detroit education consulting business that seeks to spread more understanding about the benefits of cannabis and how to use it safely and for wellness.

See Also: Profitability For Canopy, Cronos Remains Elusive

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Photo: Courtesy Of William Duggan On Unsplash

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Posted In: CannabisGovernmentPenny StocksRegulationsPoliticsSmall CapTop StoriesMarketsGeneralAxiosDetroitKim JamesMichigan cannabis industryMichigan Recreational CannabisTerrAscend Corp.
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