Pot of Gold: Tycoons and Others Are in Frenzied Race to Win Pennsylvania Medical Marijuana Licenses

Article by Maria Panaritis and Sam Wood, Philly.com

David Z. Tuttleman at his medical marijuana growing facility, Matrix NV, in Las Vegas. Tuttleman, a Delaware resident, hopes to open another growhouse in Philadelphia if granted a license by the state

Multimillionaires and aspiring entrepreneurs are hustling round the clock for a shot at the pot of gold that could come with a state license to grow, process, and distribute medical marijuana in Pennsylvania. The race, says a Main Line businessman right in the thick of it, has become “insanely” competitive.

The maneuvering is particularly frenzied — and ferocious — in this region, with eight counties in Southeastern Pennsylvania, designated to receive only two of the first 12 grower/processor licenses being issued under the medical-marijuana law enacted last year.

Among the known aspirants are an automotive-repair chain magnate, the daughter of the late Flyers owner Ed Snider, and a prominent Delaware County real estate family.

Sensing a chance to marry financial ambitions with humanitarianism, applicants are scrambling to secure land and zoning approvals as prerequisites. One Philadelphia-area investor is lining up nearly $1 million in required fees and deposits to submit multiple applications by the March 20 deadline.

The winners will help deliver new treatments to Pennsylvanians suffering from cancer, childhood seizures, and other ailments — and they will be positioned to build potentially multimillion-dollar medical-marijuana business empires.

Read full article here.

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