01/28/2019 BOARD OF SELECTMEN Agenda Packet

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that all licensees uphold the highest standards. With the Mashpee application being Triple M's second application submitted to the Cannabis Control Commission, Triple M expects the review and subsequent approval will be performed in a timely manner by CCC. Rigid background checks are conducted on the principals, directors, officers and investors to determine if there are disqualifying issues such criminal and civil complaints,bankruptcies or a history of questionable business or professional practices. A detailed plan of operating policies and procedures, including security protocols is required. And, as traditional bank financing is not readily available for a marijuana- based entity, the CCC requires documentation of all available capital resources and certification that funds were lawfully earned or obtained. In addition, CCC will conduct an inclusive architectural review of the facility and its operational, safety and security procedures which must meet with,their approval. The provisional licensing` process can take up to three months, although, as Triple M will be converting its existing Medical license and all background checks are in place, CCC's review time will be shorter than that of a new applicant. Once the application is complete, the CCC will notify the Town, and the Town has up to 60 days to respond to the CCC if the applicant is not in compliance with local bylaws. If the Town responds in less than 60 days that the facility is in compliance, the licensing process will be accelerated. A final license to operate is issued after the Town has issued a Certificate of Occupancy and all required final State inspections have been completed. Having been through this procedure and knowing what the CCC will require, Triple M anticipates a smooth transition from the Medical-Only. RMD to co-located dispensaries for Adult-Use and Medical-Use dispensaries. All told, if the permitting processes are consistent with the described timeline, Triple M expects to have a functional facility in operation within about 200 to 220 days following the execution of a Community Host Agreement. COMMUNITY MITIGATION: Impact Fee: Triple M shall make annual payments in an amount equal to three percent (3%) of gross revenue (excluding taxes) from Adult-Use marijuana and marijuana product sales. The first payment shall be in the amount of $200,000 payable upon commencement of Adult-Use sales. A second payment shall be the balance of the three percent (3%) of gross sales less the initial payment of $200,000. The balance is payable within 12 months of the commencement of Adult-Use sales at the dispensary. In subsequent years, payments of three percent (3%) of gross sales shall be made in six month intervals with the first payment due within 240 days of the operating year and the balance payable within 60 days following the end of the operating year. Education and Prevention Programs:Triple M will make an annual contribution of not less than $25,000 to a non-profit entity(s) for the purposes of drug abuse