HONOLULU (HawaiiNewsNow) - Michael Patterson, CEO of the US Cannabis Pharmaceutical Research and Development Company, points out why so many eager entrepreneurs fail in the medicinal marijuana industry.
"Not knowing what they're getting into. Not knowing what the risks are, not knowing how much money it costs."
Patterson, along with President Mike Visher, are in town to educate those hoping to apply for a license should Hawaii's medical marijuana bill be signed in to law, as expected.
"We're going over cannabis, the plant, because a lot of people don't know about the plant, how it grows, the specifics of it. A lot of people don't know there's even a male and female plant," said Visher.
In addition to the agricultural and business components, attendees will also be educated on how Hawaii's application process is structured.
"We're going to be talking about what the Department of Health is going to be looking at. What the legislation says so far about the application process. What you need to submit an application to give you the best probability of getting a license," said Visher.
Eight licenses will be distributed statewide. Three for Oahu, two for Hawaii County and Maui county, and one for Kauai. Each license will be allowed two retail locations. Applicants must be Hawaii residents for at least five years immediately preceding the date of application, and have at least one million dollars of financial resources. The application itself costs $5,000.
"The public will not tolerate massive problems in this industry, so you have to bring your 'A' game and you have to bring the right team," noted Patterson.
While it may seem restrictive, Patterson and Visher stress the approach of Hawaii's legislature has many positives.
"Regulations are your friend. People think they're bad---they give you the road map, you just need to follow it!" said Patterson.
The seminar is Saturday at the Marriott Resort Waikiki Beach from 10 a.m. to 4 p.m., and costs $350.