RICHMOND, Ky. (LEX 18) — Kentucky has been talking about medical cannabis for years; now, there is just a little over 30 days until the idea starts to become a reality for local businesses.
James Anderson, owner of JB's Grow Shop in Richmond, says he's had one business dream on his mind for a very long time: to open JB's or Joint Brother's Cannabis Company.
"I'm more into the genetics of it. I'd rather create 20 strains to help 20 different people than grow a million pounds of pot," said Anderson about his dream.
After years of discussion among lawmakers, he and others will be able to open a medical cannabis business in Kentucky in January. The state will start taking applications from people looking to get into the business on July 1.
However, the process to get there requires thousands of dollars with no guarantees or refunds.
For example, small-scale cultivators like Anderson is hoping to become, is looking at an application fee of $3,000 plus an initial licensing fee of $12,000. That's for the smallest scale tier of growers.
"That's a lot. A lot of people aren't going to have that money, so it goes back to 'big pharma' getting in. People with a lot of money that don't care about the plant," said Anderson.
Joint Brothers is in the process of working through the application requirements and weighing the financial impact and risk.
"It's luck of the draw. Put up so much money, and then it's luck of the draw," said Anderson. "Plus you got the investment, you've got to hire a lawyer."
The initial license lottery will be in early October 2024.
Kentuckians may see the first dispensaries of the 48 allotted beginning in January.
