Public documents reveal estimated sale prices of two Arkansas-side properties where medical marijuana dispensaries will operate, as well as other details about the businesses.
The former Electric Cowboy nightclub property at 4423 E. Broad St. was sold in May for about $240,000, and the former Vincent’s Fine Wine and Liquor at 410 Realtor Ave. was sold in June for an estimated $896,000, Miller County property tax records show. The most recent estimated market value for the Electric Cowboy property was $615,100, and for Vincent’s $603,550.
A company called RX MED Inc., based in Monticello, Ark., plans to open a dispensary in the Electric Cowboy building. Bloom Medicinals AR LLC, a Florida-based company, plans to open a dispensary in the Vincent’s building. Records show that Bloom Medicinals paid the city’s required $7,500 license fee in February and RX MED did so last week. Dispensaries must pay $11,250 for an annual license renewal.
Both companies have ignored repeated requests for interviews.
RX MED originally planned to open its dispensary in Prescott, Ark., but at a state Medical Marijuana Commission meeting in April, the company got permission to relocate to Texarkana.
Operators of a dispensary originally planned for the Texarkana region changed their minds. The MMC approved Grassroots OpCo AR LLC for dispensary licenses in three geographical zones, including Zone 8 in Southwest Arkansas, which contains Texarkana. By law, the company can operate a dispensary in only one MMC zone, and Grassroots has chosen to open its business in Little Rock, in Zone 5.
The MMC awarded up to four dispensary licenses in each of its eight zones. Miller County is in Zone 8, a region of Southwest Arkansas that also includes Calhoun, Clark, Columbia, Dallas, Hempstead, Howard, Lafayette, Little River, Nevada, Ouachita, Pike, Sevier and Union counties.