Local marijuana dispensary ownership in limbo

Nearly 100K Arkansans have medical marijuana cards in booming billion-dollar industry

By DON WILBURN

donaldfwilburn@gmail.com

The future of the Body and Mind Dispensary in West Memphis hangs in the balance as the Arkansas Medical Marijuana Commission put off approving an ownership change that would give Stephen “Trip” Hoffman and Matt Trulove a 40 percent stake in the business. The deal, contingent on approval by March 15, may now be at risk as the commission postponed the decision until next month.

Lawyers representing the dispensary, including Baxter Drennon from Hall Booth Smith, expressed concern over the potential fallout if the deal is not approved in time. Drennon highlighted the significant investment made by Hoffman and Trulove since 2019 and warned that without approval, their efforts could go to waste.

Commissioner Kevin Case requested more time to review supplemental documents related to the ownership change, leading to the decision to table the vote. Despite Drennon’s plea for a special meeting on March 15, commission chair James Miller denied the request, stating that it was not within the commission’s purview to do so.

Body and Mind Dispensary, owned by the estate of Garry Glasco, Donald J. Miller, and Valecia Ootsey- Walker, submitted the ownership change application in November, with an amendment in February. The proposed transfer of ownership would give Hoffman and Trulove 40 percent ownership through Big Stone Farm AR 1, with the original owners retaining a combined 60 percent stake in the business.

As of January 9, the Arkansas Department of Health reported a total of 97,374 active patient cards, marking an 8.4

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percent increase from the end of 2022. DFA spokesperson Scott Hardin highlighted the industry’s growth, noting that in late 2023, the total sales in Arkansas’ medical marijuana industry exceeded $1 billion since the first dispensary opened. Sales have steadily increased each year, from $31 million in 2019 to $283 million in 2023. The amount spent in December alone, $25.6 million, was the highest monthly total in 2023.

Abtin Mehdizadegan, another attorney from Hall Booth Smith, cautioned that without approval by the deadline, the dispensary may face closure.

The Body and Mind Dispensary may be forced to shut down if ownership change not approved.

Photo courtesy of BAM