Mississippi Marijuana Market
The marijuana business consultants at Point Seven Group are experts in the Mississippi medical marijuana market. We have successfully helped our clients obtain business licenses, design dispensaries, build identifiable brands, and operate compliant marijuana businesses. Our team of marijuana experts can help you reach your business goals in the Mississippi medical marijuana market!
WHAT IS MISSISSIPPI'S CURRENT CANNABIS MARKET STATUS?
Medical marijuana recently became legal in Mississippi when Governor Tate Reeves signed the Mississippi Medical Cannabis Act on February 2, 2022. The law was made effective immediately upon signing, although accessibility to medical marijuana will not be available for several months. The Mississippi State Department of Health (MSDH) is working to establish the licensing and patient registry structures in accordance with Senate Bill 2095. By June 2022, MSDH plans to begin accepting online license applications for patients; medical practitioners; cannabis cultivation facilities; cannabis processing facilities; cannabis testing facilities; cannabis waste disposal entities; and cannabis transportation entities. Once the application process begins, there will be a 30-day approval time for licensure applications, and a five-day approval time for program patients. The Mississippi Department of Revenue will be responsible for the licensing of medical cannabis dispensaries and have not yet released a timeline for when applications will become available. There is currently no numerical cap on cannabis business licenses in the state of Mississippi, although there are limitations on business ownership. No individual or firm may have more than 10% ownership interest in more than one of the following license types: one cultivation license, one processing license, and up to four dispensary licenses. As of May 2022, at least 28 cities and 16 counties had decided to opt out of the medical marijuana program.
ADULT-USE CANNABIS IN MISSISSIPPI
Although adult-use cannabis is currently illegal for purchase in the state, Mississippi is one of the 31 states that have decriminalized personal-use cannabis possession, with a first offense possession of 30 grams punishable by a $250 fine instead of jail time and a civil summons as opposed to arrest.
MEDICAL MARIJUANA IN MISSISSIPPI
Medical marijuana became legal in Mississippi on February 2, 2022 immediately upon Governor Tate Reeves signing the Mississippi Medical Cannabis Act. Although medical marijuana is currently legal, there are no facilities currently licensed to produce and sell medical cannabis to patients. The Mississippi State Department of Health plans to begin accepting online applications by June 2022. To qualify as a patient, individuals must have at least one qualifying medical condition, a written certification issued by a bona fide practitioner, and apply for a registration card from the MSDH. If a qualifying patient is between 18-23 years old, the patient must have a written certification from two different practitioners to qualify. All qualified patients approved by the MDOH will receive an identification card, which expires after one year or earlier. All individuals who have been Mississippi residents for at least 45 days may apply to participate in the medical cannabis program.
Qualified patients may have up to 3.5 grams of flower, 100 mg of THC in infused products, and up to one gram of concentrates. Qualified patients may not purchase more than 21 grams per week, 84 grams per month, and may not possess more than 98 grams at one time. Cannabis flower may not exceed 30% THC, and tinctures, oils, and concentrates may not exceed 60% THC. Qualified patients and caregivers can not grow their own cannabis, and cannot smoke or vaporize cannabis in public, or in vehicles. Qualifying patients under the age of 21 are not allowed to enter a dispensary without a parent or guardian, and minors only qualify with parent or guardian consent of the administration type and dosage.
OUR SERVICES IN THE MISSISSIPPI MARIJUANA MARKET
MEDICAL MARIJUANA MARKET PROJECTIONS IN MISSISSIPPI
According to the 2022 MJBiz Factbook, Mississippi is projected to have sales reaching $265 million in the first year of medical marijuana sales and $800 million by its fourth year.
MISSISSIPPI MARIJUANA NEWS
MISSISSIPPI MARIJUANA LAWS
Mississippi state residents approved Initiative 65 in the November 2020 election, legalizing medical cannabis as a medical treatment for 22 qualifying conditions. This initiative set up a process for physicians to recommend medical marijuana for patients with debilitating conditions and allow those patients to purchase, possess, and consume medical cannabis. However, in May 2021 the Supreme Court sided with opponents of the initiative and ended its process. Fortunately for the Mississippi residents who voted for the initiative, the legislature passed SB 2095 and Governor Tate Reeves signed the Mississippi Medical Cannabis Act in February 2022, which made it legal for qualified patients to purchase up to 3.5 grams of flower, 1 gram of concentrate, or 100 milligrams of THC in an infused product a day.
The Mississippi State Department of Health has released proposed regulations for Cannabis Cultivation Facilities and Cannabis Processing Facilities and public comment is open for these regulations through June 1, 2022. The MSDH will hold primary regulatory authority and coordinate with the Department of Revenue (MDOR). The MSDH will license all business types except for medical dispensaries, and handle the registry for the qualifying cannabis identification program.
Mississippi will enforce a nonrefundable application fee for licenses ranging from $1,500 for an up to 1,000 square foot canopy micro-cultivator to $60,000 for a tier 6 cultivator with a canopy of at least 100,000 square feet. Annual license fees range from $2,000 for an up to 1,000 square foot canopy micro-cultivator to $100,000 for a tier 6 cultivator. All cannabis products will be taxed at 5% of the price, in addition to standard sales taxes.