New business ventures occupied the Tisbury selectmen at their meeting Tuesday. The board heard from both town officials and members of the public on draft regulations for a potential aquaculture industry and a proposal to launch a medical and recreational marijuana business.

Selectmen began discussing the possibility of aquaculture in Tisbury waters in 2016 and are close to drafting a final set of regulations.

On Tuesday shellfish constable Danielle Ewart said the regulations she hopes to put in place are based on what has worked in Edgartown and Chilmark. They include restrictions on who can hold a commercial shellfish license, a bond to insure against property damage and an annual fee of $25 per acre of land used.

Selectman James Rogers and Ms. Ewart both agreed that the annual fee was too low.

“If someone is making a profit off town waters, that should be reflected in the fee,” the constable said.

Selectmen heard rebuttals from Island shellfishermen and others hoping to become involved in the industry.

Noah Mayrand, a potential applicant for aquaculture in the town who works on two oyster farms in Edgartown and Chilmark, was one. He said he believed it was fair to have a low annual fee due to the environmental benefits.

“These are areas that are not making the town any money,” he said. “There are a lot of benefits. Like filtering, creating a service and building an artificial reef to bring in fish . . . Oysters are reversing greenhouse gases . . . It’s almost more valuable than money. It is creating life in our dying bodies of water,” he said.

“It’s not like Edgartown or Chilmark here. When you say you’re a commercial fishermen they laugh at you,” he concluded. “I want to be proud of this town.”

Selectman and board chairman Melinda Loberg reminded the board that they were “just here to look at the framework through which someone can apply.”

In the end selectmen decided not to make any final decisions on the regulations, and will keep the written record open until their August 27 meeting.

The board also responded to a proposal from the group Mainstream Medicinal to construct a facility for selling medical and recreational marijuana at 65 Mechanic street.

Company spokesman Joshua Silver said the main purpose Tuesday was to propose a host community agreement that would put them on track toward obtaining a license to operate a retail dispensary.

“The first thing to move from point A to point B is the host community agreement,” he said. “We can’t apply to state for a state license until we get it. And we can’t apply to the planning board until we have a state license.”

Preemptively quashing any concerns of the board, Mr. Silver assured selectmen that they “don’t want to change the character of the town . . . the way we want to do that is by having a minimally visible presence there.”

A motion was passed to set up a site visit before the next meeting, and selectmen urged Mr. Silver to keep them informed through all phases of the development.

“Seems like we’re moving,” said selectman Jeff Kristal.

In other news:

• Selectmen appointed James Hale, Michael Baptiste, James Tilton and Matthew Hobart to the new town natural resources committee — which among other things will replace the recently dissolved shellfish committee.

• The town was commended for its success in the three-day long Beach Road Weekend music festival.

• Ken Barwick, the town building inspector for the past 34 years, was acknowledged by the board for his “well-earned retirement.”