BIRMINGHAM, Mich., Aug. 14, 2014 /PRNewswire/ -- Since its inception in 2008, medical marijuana users, police, prosecutors, judges and local municipalities have dealt with a maze of confusing legal interpretation. Michigan courts have helped to define the law, and now the Michigan legislature is poised to change it.
House Bill 4271, passed in December 2013, will allow for marijuana "provisioning centers", commonly referred to as dispensaries, and require testing of marijuana product via "safety compliance facilities". House Bill 5104 further changes the law to allow for edibles and other marijuana-infused products. The Michigan Senate currently has these bills in committee and all indications suggest they will be enacted into law as early as September.
Both bills, if passed, present a number of opportunities, and challenges, for businesses and local municipalities alike. Many cities are looking forward to the additional tax revenue. Entrepreneurs are looking to profit.
Enter 2025 Group, a Michigan-based consulting business focused exclusively on the marijuana business. The founders are Nicholas Tennant, a medical marijuana entrepreneur renowned nationwide for his work in the business, and Marc Beginin, a Birmingham attorney acclaimed for his defense work in medical marijuana cases. The duo offers guidance and practical solutions to business people and municipalities alike.
According to Tennant, "We're already working with several entrepreneurs looking to open up dispensaries when the law is enacted. Others are looking at operating safety compliance facilities. They don't want to miss out on this very profitable opportunity."
Medical marijuana is big business. According to the Denver Post, medical marijuana brought in about $165 million in revenue to Colorado in just the first five months of 2014. The industry employs tens of thousands of persons in the state.
But it's not just entrepreneurs looking to cash in, so are cities and townships.
According to Beginin, "The newfound revenue from marijuana businesses does wonders for local cities and townships including closing budget shortfalls, supporting public safety, keeping teachers in classrooms and the street lights on. It employs people and brings needed traffic to local municipalities. It's a win-win all around."
The new law would leave it up to local municipalities to decide whether or not to allow marijuana sales via storefront dispensaries. It will also be left to the localities to create and regulate local ordinances.
"We've been in talks with several municipalities that have great interest in what this law can do for their community and how to manage it, including ordinance drafting. No one wants logos of marijuana leaves littering their main streets, but they do want the new business and revenue," added Beginin.
Why 2025? In the assessment of Tennant and Beginin, based on a number of social, economic and political factors -- the recreational use of marijuana will be legal in all 50 states and federally by the year 2025.
More information on the 2025 Group may be found at www.2025group.com.
SOURCE 2025 Group