On Oct. 28, 2016, hundreds of interested investors attended a public medical marijuana forum hosted by the Louisiana State University Agricultural Center, one of two state-sanctioned medical marijuana cultivators.
“Only two things could have turned out a crowd like the one we see here today,” said Bill Richardson, vice president of Agriculture at LSU, as reported by Manship News Service. “One is the announcement of the new football coach, the other is the topic we have at hand.”
The forum addressed the types of operating partners needed, details of the upcoming request for proposals, cultivation, extraction, packaging and security, among others.
“This is not a cash cow that will generate a lot of income quickly,” Richardson told the audience. “I didn’t realize it takes so much equipment to grow pot,” he added.
It will take $11,280,400 for a partial buildout of the seed-to-sale production facility, as calculated in a recent report from the LSU AgCenter. Products aren’t expected to hit the market for at least 18 months.
According to LSU, “Sales of a medical marijuana product in 2018 could be as low as $727,000 and as high as $2.4 million. By 2024, sales could reach anywhere between $13.1 million and $20.1 million.”