Kentucky Governor Andy Beshear (D) announced this week that the Kentucky Medical Marijuana Program has garnered an impressive 4,998 applications for medical cannabis business licenses. The state plans to conduct a lottery in October to select the licensees for this burgeoning industry, according to WHAS11.
Governor Beshear highlighted the program’s success in achieving its goals of transparency and fairness. “When we launched this program, our goal was to ensure that our licensing process was transparent and provided everyone a fair shot at being a part of this new, exciting industry,” Beshear stated in his weekly Team Kentucky Update. “The incredible interest in this process, especially among Kentuckians, is proof that this program has met that goal and is set up for success now and moving forward.”
Among the nearly 5,000 applications received, 4,076 are for dispensary licenses. However, the state will only issue 48 dispensary licenses, resulting in a highly competitive process where less than 1% of retail applicants will be successful. The distribution of the remaining applications is as follows:
- 239 applications for Tier I Cultivator licenses
- 190 applications for Tier II Cultivator licenses
- 155 applications for Tier III Cultivator licenses
- 333 applications for Processor licenses
- 5 applications for Safety Compliance Facility licenses
The application fees have generated nearly $28 million in revenue for the state, with dispensary applications alone contributing over $20 million.
The application period, which began on July 1 and concluded last weekend, saw a surge of last-minute submissions. Governor Beshear acknowledged the challenges ahead in processing the large volume of applications, ensuring fairness, and conducting the lottery.
The Kentucky Medical Marijuana Program was established by an executive order signed by Governor Beshear in 2022, marking a significant step in the state’s approach to medical cannabis.
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