The recently formed Natural State Medical Group Inc. is waiting to exhale.
The North Little Rock company has applied for a medical marijuana license and has sold $925,000 worth of shares of the company, according to its Oct. 2 filing with the U.S. Securities & Exchange Commission. Its total offering amount is $4.5 million.
Now it is waiting for the licenses to be awarded.
“So far there’s not much to tell,” said Dr. James Adametz of Little Rock, who is listed as an executive officer, director and promoter of the company, which was created this year. Adametz is a spine surgeon and a physician owner at the Arkansas Surgical Hospital in North Little Rock.
Natural State Medical Group lists itself in the agriculture industry in the SEC filing, indicating it wants to grow medical marijuana.
The Arkansas Medical Marijuana Commission hasn’t released a timetable for when applications will be approved or when medical marijuana will be distributed.
On Monday, though, the commission is expected to discuss the timeline.
Last week, the Arkansas Department of Finance & Administration’s legal team was finishing the review of the more than 300 applications to determine if they met the qualifications to have a license.
The legal team is combing through the applications, which range from 400 pages to 3,000 pages, to remove the names so the commissioners’ scoring “will be based totally on the merit of the application,” DF&A spokesman Scott Hardin said in an email to Whispers.
The commission will choose up to five growers and 32 distributors.
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