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129th MAINE LEGISLATURE |
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LD 1735 |
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LR 1776(03) |
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An Act To Clarify
the Pathway for a Registered Dispensary under the Maine Medical Use of
Marijuana Act To Become a For-profit Entity |
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Fiscal Note for
Bill as Engrossed with:
C "A" (S-214) |
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Committee: Health and Human Services |
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| Fiscal Note |
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Potential current biennium revenue increase - Other Special
Revenue Funds
Potential current biennium cost increase - Other Special Revenue Funds |
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| Fiscal Detail
and Notes |
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Public Law 2017,
chapter 452 authorized registered dispensaries under the Maine Medical Use of
Marijuana Act operating as nonprofit entities to become for-profit entities,
but did not outline a pathway to follow for such a transition. This bill
specifies the possible pathways of merger, purchase and conversion for a
dispensary to become a for-profit entity. This includes that a registered
dispensary pay to the Medical Use of Marijuana Fund (MUMF) a percentage of
the value of the sale or transfer of interest if a sale occurs within 4 years
of becoming for-profit and that the appraisal to identify the sale or
transfer value must be paid by the MUMF. It is unknown if any of the 8
eligible dispenseries would transfer to for-profit status and if so whether they
would sell within 4 years. It is expected that any proceeds to the MUMF from
such activity would outweigh the cost of the required appraisals and lead to
a significant increase in revenue.
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