$$ Michael Elias, CEO of Michigan Pure Med,
Vertically Integrated Production
Michigan Pure Med is a vertically integrated producer, meaning the company owns every step of the seed-to-sale process. The company will grow, process and sell cannabis at its own retail locations and wholesale to other dispensaries. The company’s footprint is large in a state where securing licenses presents a numerous hurdles for entrepreneurs.
“We have seven dispensaries at various stages of development and are working on licenses for more, as well as a 1.2-million-square-foot greenhouse in Marshall, Michigan,” Elias said.
"Our goal is to dominate the market, and the only way to do that is to never lose sight of the patient experience. We want to wrap a bit of love with each visit.”
Those hurdles include the aforementioned mix of municipal and state regulation. The licensing process starts with securing real estate for cannabis facilities in line with local ordinances, which can be a tough process given that only a handful of Michigan cities have opted into allowing commercial levels of cultivation, Elias said.
Then, businesses can apply for state licensing, which requires them to meet criteria such as a $500,000 in capitalization.
“We right now have 45 licenses pending, 34 of which are Class C licenses that you can stack in one location," Elias said. “We have two processing licenses and the rest are provisioning.”
Lessons From A Neighbor To The North
As Michigan moves closer to the Proposal 1 vote, it’s important to note that the state borders the largest federally legal cannabis market in the world: Canada.
The lack of supply and licensed retail spaces during Canada’s transition period is an issue Michigan regulators should take note of as they issue licenses, Elias said.
