In Massachusetts business is booming in the marijuana industry and the planned medical marijuana clinics have not even opened yet.
In addition to the clinics and their cultivation centers, many new opportunities have arisen. One area is the medical providers who will be writing the prescriptions for the medical marijuana, known as marijuana cards in other states. Another is taking advantage of a complication in the laws that are prohibiting banks from becoming involved with the medical marijuana business.
Medical Marijuana Certification Clinics appears to be a network of medical providers who will be available to review your medical records, provide a physical examination and certify you as someone who qualifies for a medical marijuana prescription. It is assumed that they will write the prescriptions as well. As no medical insurance as yet covers anything to do with medical marijuana, this will all be cash business. The web site notes providers in numerous locations but has not yet listed names and contacts for any actual providers. They appear to be connected with a national organization as there are identical web sites serving the Arizona and Michigan Medical Marijuana communities as well.
While medical marijuana has been legalized in Massachusetts, as of November, 2013 and the law officially implemented in January of 2014, the Federal government still views cannabis as a Class B drug with serious punishments for possession or use. This has resulted in local banks refusing to support any of the new clinic companies. The companies must then rely on cash only business as they will be unable to deposit, write or cash any checks or process funds electronically. An all cash business, with the potential for this much money changing hands (one estimate notes ounces of product will sell for $300), brings substantial security risks.
MPS International is jumping on this opportunity with a fleet of armored cars and security staff to transport the cash safely. With the motto: “Security Solutions for the Cannabis Industry”. MPSI currently operates in 7 states and plans to expand. In addition to transport of the money, they will also provide secure holding facilities in lieu of banks until the federal and state laws align. MPSI is “a division of MPS Security with over a decade of experience in providing Uniformed Security Officers, Executive Protection and Risk Mitigation & Management”.
In addition to the jobs these new businesses will create they will also be contributing to the tax base of the Commonwealth. It looks like Massachusetts may be looking forward to a boom economy once again.