The Texas $900 million a year medical cannabis industry grows wings
After Colorado and Canada, it may be the Texas turn to go green with marijuana, for treating epilepsy at least. Patrick Moran, CEO of Texas Cannabis, wishes to grow the green gold in remote Gunter, 60 miles north of Dallas. If you did not know, Texas did legalize the medical marijuana that relieves seizures without bringing on the high. Texas is different from many other states with liberal cannabis laws that follow strict medical laws, but also offers ultra-cheap licensing fees without stark restrictions for growing pot.
Moran may apply by June 2017 when the registry opens. With Governor Greg Abbott signing the legislation, the state authorities would grant licenses to grow, process and sell medical marijuana of the non-intoxicating kind. Moran wants to do it all from procuring the seeds to the selling. He plans to extract cannabidiol oil, also called CBD oil. Tetrahydrocannabinol or THC promotes the high in the usual marijuana smoke.
The green rush
Considering the enormous revenues that wait to be earned by enterprising businesses, cannabis is often compared to the dotcom rush rather recently and the gold rush long ago, both within American borders, events that happened rarely in history and once in a few generations. Since 2014, 18 states allowed some version of medical marijuana and Texas is one of them. Epileptics in Texas who did not respond to other treatments would be allowed to consume CBD oil that is found in marijuana and believed to help certain medical conditions.
Do you know how many epileptics may be found in Texas State? Estimates vary, but the state probably has 150,000 cases of severe epilepsy that could turn fatal. Maybe 40,000 of these patients would benefit from the marijuana program, but why not more.
It is common knowledge that many more American states would soon lift marijuana restrictions with changing public perceptions of the life enhancing drug that has been bitterly maligned in the past. Across America alone, it is expected that annual legal marijuana sales this year would total around $7 billion. Compared to the figures in 2014, that means an increase of over 50%.
Since marijuana is the highest profit generating industry, everybody wishes to be a part of it. Texas has imposed rather narrow growing and selling options of low-THC marijuana to treat epilepsy alone. Otherwise, licensing and entry are expected to be smooth sailing. Applicants require no cannabis experience, but must convince of the technological ability to process in laboratories besides resources and finances, including locations and staff for two years of operations. The state application fee amounts to $6000 and renewals require $6000 every two years. Those fees are much lower compared to what some other states charge.
