Pre-Licensing Meetings Begin: June 9, 2014 City Accepts Applications: July 1, 2014 State Accepts Applications: July 1, 2014 First Day of Operation Allowed: October 1, 2014 First Day Product on the Premises Allowed: October 1, 2014 DISCUSSION ITEMS Retail Marijuana Stores The city will issue no more than 24 retail marijuana store licenses, with a limit of four in each of the six council wards. The retail marijuana store licenses will be awarded via a competitive process involving a two-stage review of the applications received. All minimum requirements must be met in order to move on to the second state. Minimum Requirements 1. Demonstrate at least $400,000 of liquid assets in the applicant’s control. are assets in the form of money or cash in hand, assets that will be placed directly into the “Liquid assets” retail marijuana establishment or other assets that can be quickly converted into cash. The following chart is a non-inclusive listing of assets that would be classified as liquid or illiquid. Liquid Assets Not Liquid Assets Cash on hand Real property or any interest therein Includes: farms, business properties, oil Checking or savings accounts and gas interests, mortgages, leases or Money market account contracts for deed Certificates of deposit Excludes: prepaid rent U.S. savings bonds Household items (furniture, appliances, etc.) Publicly traded stocks (listed on an exchange) Personal effects, firearms and jewelry Mutual funds
Pre-Licensing Meetings Begin: June 9, 2014 City Accepts Applications: July 1, 2014 State Accepts Applications: July 1, 2014 First Day of Operation Allowed: October 1, 2014 First Day Product on the Premises Allowed: October 1, 2014 DISCUSSION ITEMS Retail Marijuana Stores The city will issue no more than 24 retail marijuana store licenses, with a limit of four in each of the six council wards. The retail marijuana store licenses will be awarded via a competitive process involving a two-stage review of the applications received. All minimum requirements must be met in order to move on to the second state. Minimum Requirements 1. Demonstrate at least $400,000 of liquid assets in the applicant’s control. “Liquid assets” are assets in the form of money or cash in hand, assets that will be placed directly into the retail marijuana establishment or other assets that can be quickly converted into cash. The following chart is a non-inclusive listing of assets that would be classified as liquid or illiquid. Liquid Assets Cash on hand Checking or savings accounts Money market account Certificates of deposit U.S. savings bonds Publicly traded stocks (listed on an exchange) Mutual funds Not Liquid Assets Real property or any interest therein Includes: farms, business properties, oil and gas interests, mortgages, leases or contracts for deed Excludes: prepaid rent Household items (furniture, appliances, etc.) Personal effects, firearms and jewelry
PRE%20LICENSING%20MEETING%20OVERVIEW.docx