Arizona: 'Green Rush' On For Lucrative Medical Marijuana Licenses
For weeks, Bill Myer studied images of Phoenix neighborhoods, pored over zoning maps and drove the streets in search of property that could house a new medical-marijuana dispensary.
Myer, of Phoenix, already owns a dispensary in Glendale, but with state officials poised to award a second round of licenses since medical marijuana became legal in 2010, he hired a surveyor to do measurements once he narrowed in on a site. He found one property that could work and talked to the owner about leasing or buying the building if he gets a license.
“It’s nothing more than a lottery ticket. It’s a $5,000 lottery ticket, basically,” Myer said.
But if he wins, he wins big. That ticket could be worth millions.
The Arizona Department of Health Services, which oversees the medical-marijuana program, has received about 750 applications for the 31 licenses that will be awarded in October. The intense competition for the permits has set off a land...
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