The Marijuana Control Board, which is charge of establishing rules for Alaska recreational marijuana businesses, has a new rule about opening/owning a pot business in the state. This new rule deals with residency.
The marijuana industry of Alaska have applied a stricter residency requirement for port businesses license applicants. Applicants must now be a resident of the state for a full calendar year, patterned after Alaska voters’ residency requirement. According to the board, this is needed to qualify for the yearly check from Alaska’s oil wealth fund.
Recreational cannabis was voted on and approved last year for those 21 and older. Though it is still illegal to buy or sell pot because business licenses haven’t been awarded yet and aren’t expected to be awarded until May.
Under the current law, only those who meet the residency requirements and hold a post license, may have a financial interest in the business. Some arguments have been made to allow outside investments to allow greater access to financing while others say not allowing outside access to financing will help keep the industry smaller and therefore more manageable. Another argument is giving home-grown businesses a chance to establish themselves and flourish, according to Taylor West, deputy director of the National Cannabis Industry Association.
Also according to West, this is a debate that’s been going on and will probably still continue as marijuana industry and its laws are still being figured out in a state-by-state process.