Well, if you'd like to make the dispensaries really nervous, let's start yammering about a ballot proposition to get rid of the 25-mile rule, shall we?
http://en.wikipedia.org/wiki/Arizona_ballot_proposition
In order to make it onto the ballot, you need a petition that is signed by 10% the number of people who voted in the previous gubernatorial election. Prop 203 in 2010 had ~250,000 signatures, and they needed 153,364. Many of those signatures are invalid, so there's a need for substantial overkill.
But for 2012, you'll need 172,608 signatures:
http://ballotpedia.org/wiki/index.php/Arizona_signature_requirements
So, something like 173,000 signatures to get a ballot proposition on the 2012 general elections. About 1 million Independents, 1 million Democrats, 1.14 million Republicans- call it a nice, round 3 million registered voters.
Signature deadline is 5 July, 2012. I don't know if there's a time frame (90 days, 180 days, whatever) from the time one starts collecting signatures.
But the industry will take some time to shake itself out; if it'll take dispensaries 2-3 years before they start turning a profit, just the IDEA of circulating a petition to add a ballot proposition to get rid of the 25-mile rule will make a lot of people who want to make a lot of money very anxious, and probably bail on their plans. Throw in some fear, uncertainty, and doubt- the same way the Arizona Medical Marijuana Project has done for the patients who actually need the medicine.