In less than two weeks, residents 21 and up will be able to go to this store and purchase marijuana. The first license that has been issued for sales to begin December 1st was given to an Ann Arbor based business that has been involved with medical marijuana for several years.
Exclusive Brands already holds medical marijuana licenses that allow it to grow up to 1,500 plants, process and retail products. The company applied for equivalent licenses on the recreational side, but Hishmeh said there are long-term goals of expanding to 15,000-plant operation. In addition to its self-contained business, Hishmeh said Exclusive Brands is a wholesale marijuana distributor to nearly 100 dispensaries statewide for various product brands.
The Exclusive Brands Dispensary is located at 3820 Varsity Drive in Ann Arbor and the owners say they plan on being ready for long lines when recreational sales begin on December 1st.
“We estimate that there will be around a dozen or so licensees who would be eligible on Dec. 1,” Marijuana Regulatory Agency spokesman David Harns said. “Similar to the medical market, we expect it be a slow build out as the production of plants and products increases. This will create an environment where businesses can supply the market as quickly as possible.”
Harns said who the “dozen or so” eligible businesses are “yet to be determined.” More licenses are expected to be granted in the coming days.
State budget planners expect the state’s recreational marijuana to generate nearly $1.43 billion in sales annually beginning in late 2021 after the industry is mostly rolled out.
Of the $229 million in projected new tax revenue collected through a 10% excise tax and the existing 6% sales tax, the first $20 million for the first two years after sales begin is slated to be spent on research focused on marijuana use in health care. The breakdown of the remainder is: 15% to cities, townships or villages that allow recreational business, proportioned based on the number of micro-businesses and retailers; 15% to counties, proportioned based on the number of micro-businesses and retailers; 35% to the School Aid Fund for K-12 education and 35% to the Michigan Transportation Fund for road and bridge repair.