A medical cannabis dispensary crowdfunded by residents in southwestern Pennsylvania will open its third location in October.
Maitri Medicinals, the number one craft flower producer in Pennsylvania, will debut a storefront in Greensburg just three years after entering the state’s competitive dispensary market.
Applying for dispensary permit in Pennsylvania costs upward of $35,000. Establishments must also offer proof of capital worth $150,000 and compete against one another for one of just 50 permits.
But it’s a booming industry in Pennsylvania, considered one of the largest active markets with more than 633,000 registered patients and caregivers. Mergers and acquisition deals exceed $400 million this year as multistate operators buy dispensary licenses worth between $20 million and $35 million each, MJBizDaily reports.
In its two-year report published in May 2020, the Medical Marijuana Advisory Board said all 50 permits had been awarded, while a recent list of open dispensaries totals more than 120, up from 80 just a year ago.
As companies that operate dispensaries in multiple states continue consolidating Pennsylvania’s $3.4 billion sales market, however, Maitri represents somewhat of an outlier in the industry.
“Our co-founders are really ahead of the game,” said Jimil Wilson, CEO
Bud Digest[otw_is sidebar=otw-sidebar-8]