Philip Silverman, an attorney representing True Nature’s Wellness, told town officials he has represented hundreds of companies planning to open dispensaries, and that the host agreement negotiated between Swansea and his clients represents one of the most profitable for a host community that he has encountered.
“It’s a very generous host agreement,” he said. “This agreement would be among the top 10 percent in terms of value to the town. Most of the places we’re going with this, it’s just a straight 3 percent deal.”
According to a copy of the agreement provided by the town administrator’s office, the dispensary promises to regularly pay the town 3 percent of its annual gross sales. The agreement goes on to outline additional payments the dispensary will make as part of its community impact fee.
True Nature’s Wellness has agreed to annually pay the town $25,000 for public charities and $10,500 to support the town’s recently established redevelopment authority.
To mitigate the expenses town police might incur from the dispensary’s opening, True Nature’s Wellness has pledged to pay the town another $35,000 in its first year of business.
The dispensary will also be subject to the state’s marijuana sales tax, the revenues from which also go to Swansea, as well as local property taxes.
“When all is said and done, 7 percent of this company’s revenues are going to go toward benefiting the town,” said Silverman.
In addition to the various payments True Nature’s Wellness has pledged, the agreement outlines other obligations the dispensary has made to the town, including security plans and diversion programs to prevent products from being accessed by minors.
The Select Board’s approval of the host agreement marks a big step forward in locally approving the proposed dispensary, but True Nature’s Wellness will still need to receive a finalized license from the state’s Cannabis Control Commission.
According to the agreement, True Nature’s Wellness plans to open its dispensary at 610 Grand Army of the Republic Highway, where it will conduct retail sales of recreational marijuana.