Marijuana cultivators that are hoping for a piece of the medical marijuana pie in Louisiana have been given an application deadline extension by LSU officials, the Advocate of Baton Rouge reported this week.
Though no reason was given for the extension, marijuana businesses that are interested in running the university’s medical marijuana cultivation program will now have until March 31 to submit their application. The original deadline was March 21.
Estimates from the LSU Ag Center put the projected cost of constructing and running greenhouses, a testing lab and oil production facility at $11.3 million, and the winning bidder will be responsible for fully funding the project. The Southern University Ag Center estimates businesses will need an initial investment of between $5 million and $7 million, and LSU estimates the program will take five years to achieve profitability.
Due to the limited medical conditions necessary to qualify for medical marijuana in Louisiana and the fact that only cannabis oil in liquid, pill, capsule or topical forms will be allowed, LSU estimates that only .25% of people who suffer from an approved condition (1,441 patients) will initially seek certification for medical marijuana.