William Delahunt, a former US Representative, said he is not looking forward to earn money from medical marijuana dispensaries for the next several years, the Cape Cod Times reported.
Delahunt issued the statement despite the substantial salary estimates and revenue forecasts for the three dispensaries he and his group will be opening in Massachusetts by summer. The dispensaries of the nonprofit Medical Marijuana of Massachusetts which has already obtained provisional registration certificates from the state's heath regulator will be found in Mashpee, Taunton and Plymouth, the report said.
Delahunt told Cape Cod Times in an interview, "It's not the golden calf or the golden cow." In the license application, Delahunt was set to get a $250,000 salary but he said everyone in the organization, including its other officers, would most likely not be making any money soon, the report said.
The funds raised by these organizations and others similar to it will first be deployed towards buying security systems, equipment and the improvement of facilities. According to the organization's Chief Operating Officer Jonathan Herlihy, these expenses could cost over $4 million for the three medical marijuana dispensaries plus the cultivation plant in Plymouth. He added that the operating costs which comprise salaries, rent, insurance, taxes and fees is estimated to be around $14 million for the first year, the report said.
So far, Delahunt's nonprofit was able to get loans and in-kind contribution that amounted to $2.4 million. The loan, which the organization got from a separate management company which Herlihy and Elizabeth Nowlan and Lianne Ankner, both Directors of Medical Marijuana of Massachusetts, runs, is worth $1.39 million. The loan, which is set to expire in 2020, will have an 8% annual interest. Herlihy added that the investors will be given a 10% return once the profits start to roll in, the report said.
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