Massachusetts cannabis experts predict that marijuana supply will not be able to keep up with demand once recreational pot retailers open in 2018.
The first cannabis retail stores are set to open their doors to recreational pot users in July next year but concerns abound over whether there will be enough for all the purchase demand.
Industry experts say there are not enough growers in the state.
Currently, Massachusetts has 12 medical marijuana dispensaries with their own cultivation facilities. By the time recreational licenses will be issued, only around two dozen are expected to be operational, says Adam Fine, an attorney at Vicente Sederberg specializing in marijuana law.
“The fundamental problem is we’re coming into the recreational market with not as developed or as mature a medical program as we had seen in other states,” Fine says, adding that the state just don’t have the cultivation capabilities to “keep even close to the anticipated high demand.”
For those who would like to take on the business, being fully operational could mean 18 months to three years in planning and construction. That leaves too little time for these businesses to serve the surge in demand next year.
Theory Wellness CEO Brandon Pollock believes these retail outlets will not be opening until 2019.
A major move
The medical marijuana industry in the state which is estimated to be worth a few hundred millions of dollars is seen to balloon with the opening of the recreational market – an economic booster projected to be worth $1.2 billion.
Worries and excitement abound over the anticipated openings next year. Will the predictions prove right?