Jacob Redmond
Well-Known Member
Mitchell Trellis is putting everything on the line for a chance at what could be one of the most lucrative new business opportunities in Maryland: medical marijuana.
Trellis' company, Maryland Wellness Access LLC, is among those gearing up to compete for one of 15 licenses Maryland will issue to cultivate cannabis and sell it to dispensaries. Trellis thinks the company's best shot for a strong application - and being able to open for business - is to have the company ready to fire out of the gate, should Maryland give the signal.
"This is a heavy lift," Trellis said. "This is kind of a difficult situation for an entrepreneur. You have to invest upfront without the promise of winning, then have the resources set up if you do win."
Since launching the company in 2014, Trellis has been scrambling to assemble a leadership team, set up a website and gauge client interest. He's hired a consultant to help develop a business plan and financial model for the company. And he's lined up funding from a private equity firm to build out facilities in Howard County.
Trellis couldn't say exactly how big the space would be or how many employees he may need to hire, but said it could cost as much as $5 million to get the company up and running.
Building a business without knowing whether it will be allowed to exist in the state is a risk. But the windfall that could come if Maryland Wellness Access succeeds is worth it, Trellis said.
A cultivator license would make Maryland Wellness Access one of the only businesses in the state allowed to sell out of its own storefront and distribute to wholesale to the dispensaries that will crop up as Maryland becomes one of 23 states where medical marijuana is legally sold.
Maryland in 2014 approved legislation to legalize medical marijuana. Only businesses licensed by the state would be allowed to distribute the drug. Only patients diagnosed by a doctor to have a qualifying condition, such as cancer or severe nausea, would be allowed to purchase medical marijuana. A commission charged with hammering out the details of regulations and overseeing the industry is expected to release an application for 15 cultivator licenses and 92 dispensary licenses this year, Trellis said.
Trellis thinks Maryland Wellness Access is well positioned to be among the pioneers of Maryland's medical marijuana business.
"One of the things we feel sets us apart are members having addiction treatment background," Trellis said. "It's an opportunity to change the conversation about the management of pain."
Trellis envisions the company playing a role in addressing painkiller addiction by providing patients medical marijuana to ease pain. Prescription painkillers are a gateway to heroin, which has become a leading public health concern in Maryland, where heroin deaths were up 25 percent last year.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Here's what it's like to build a medical marijuana business before it's legal - Baltimore Business Journal
Author: Sarah Gantz
Contact: Contact Us - Phoenix Business Journal
Photo Credit: Maryland Wellness Access
Website: Business News - The Business Journals
Trellis' company, Maryland Wellness Access LLC, is among those gearing up to compete for one of 15 licenses Maryland will issue to cultivate cannabis and sell it to dispensaries. Trellis thinks the company's best shot for a strong application - and being able to open for business - is to have the company ready to fire out of the gate, should Maryland give the signal.
"This is a heavy lift," Trellis said. "This is kind of a difficult situation for an entrepreneur. You have to invest upfront without the promise of winning, then have the resources set up if you do win."
Since launching the company in 2014, Trellis has been scrambling to assemble a leadership team, set up a website and gauge client interest. He's hired a consultant to help develop a business plan and financial model for the company. And he's lined up funding from a private equity firm to build out facilities in Howard County.
Trellis couldn't say exactly how big the space would be or how many employees he may need to hire, but said it could cost as much as $5 million to get the company up and running.
Building a business without knowing whether it will be allowed to exist in the state is a risk. But the windfall that could come if Maryland Wellness Access succeeds is worth it, Trellis said.
A cultivator license would make Maryland Wellness Access one of the only businesses in the state allowed to sell out of its own storefront and distribute to wholesale to the dispensaries that will crop up as Maryland becomes one of 23 states where medical marijuana is legally sold.
Maryland in 2014 approved legislation to legalize medical marijuana. Only businesses licensed by the state would be allowed to distribute the drug. Only patients diagnosed by a doctor to have a qualifying condition, such as cancer or severe nausea, would be allowed to purchase medical marijuana. A commission charged with hammering out the details of regulations and overseeing the industry is expected to release an application for 15 cultivator licenses and 92 dispensary licenses this year, Trellis said.
Trellis thinks Maryland Wellness Access is well positioned to be among the pioneers of Maryland's medical marijuana business.
"One of the things we feel sets us apart are members having addiction treatment background," Trellis said. "It's an opportunity to change the conversation about the management of pain."
Trellis envisions the company playing a role in addressing painkiller addiction by providing patients medical marijuana to ease pain. Prescription painkillers are a gateway to heroin, which has become a leading public health concern in Maryland, where heroin deaths were up 25 percent last year.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Here's what it's like to build a medical marijuana business before it's legal - Baltimore Business Journal
Author: Sarah Gantz
Contact: Contact Us - Phoenix Business Journal
Photo Credit: Maryland Wellness Access
Website: Business News - The Business Journals
