Mississippi nears $6M in revenue off medical marijuana licenses, fees

With the medical marijuana program still in its infancy in Mississippi, the state is already raking in revenue.

Through Monday, the state has culled nearly $6 million in license and one-time application fees from dispensaries, cultivators, transportation companies, processors, and testing operations in the state, according to information posted on the state’s Department of Health website.

While sales aren’t expected to begin until November, there are already 113 licensed dispensaries on file with the state’s Department of Revenue, the entity collecting fees and taxes.

The Department of Health did not respond to inquiries for this story.

The state has already gained $4.52 million in revenue from licensing and applications fees for dispensaries through late September, and that revenue will only continue to rise once sales begin later this year. All told, just through licenses and fees, the state has collected $5.785 million.

When sales do begin, medical marijuana will be subject to a 7% state sales tax.

For the first year of the program, the state’s Department of Health has set up one-time fees of $40,000, which is comprised of a $25,000 license fee and a $15,000 nonrefundable application fee, for dispensary licenses. Yearly renewals are set at $25,000.

The post Mississippi nears $6M in revenue off medical marijuana licenses, fees appeared first on Cannabis Business Executive - Cannabis and Marijuana industry news.