Cannabis Business Consulting
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On June 22, 2021, Governor Ned Lamont signed a bill making Connecticut the 19th to legalize adult-use cannabis. And if you’re looking to enter the Connecticut cannabis industry, we want to help. We’re a team of seasoned cannabis industry veterans, with decades of combined experience and a proven approach to cannabis business licensing.
If you know anything about the legal cannabis industry, you know that it’s dynamic, fast-moving, and primed for potentially explosive growth. Because of these and other factors, the race to secure state cannabis licenses is attracting no end of entrepreneurs, investors, and other stakeholders. It’s a red-hot market that’s only going to get hotter.
Connecticut is currently a wide-open field, but it won’t remain that way for long. Here are some of the ways Bridge West can help you navigate the state’s regulatory environment and reach your dreams.
Cannabis Business Consulting Connecticut: The Regulatory Framework
With the recent signing of the adult-use bill, Connecticut finds itself in the legal-cannabis vanguard. In specific, the state has allocated a significant percentage of cannabis business licenses to social equity applicants. While the state’s Social Equity Council is currently determining the criteria for such applicants, these applicants are expected to be granted no fewer than 50% of each cannabis business license type.
The Council is required to reach its conclusions no later than January 1, 2022. Some 30 days after the Council has identified the required qualifications and supporting documentation for such applicants, the state may begin accepting cannabis license applications. Thus far, the state has identified nine categories:
- Hybrid Retailer (selling both medical and adult-use cannabis)
- Cultivator (working 15,000 square feet or more)
- Micro-Cultivator (working between 2,000 and 10,000 square feet)
- Cannabis Product Manufacturer
- Cannabis Food and Beverage Manufacturer
- Cannabis Product Packager
- Cannabis Delivery Service
- Cannabis Transporter
Connecticut will process cannabis business license applications through the Department of Consumer Protection (DPA). As of this writing, the department has not yet determined the maximum number of licenses issued in each category. This means that all applicants must—in addition to being familiar with the regulatory framework—be laser-focused on the type of license they’re pursuing.
In our experience, it’s precisely the type of regulatory environment that demands expert cannabis business consulting. For one thing, certain criminal convictions can disqualify applications or their partners and stakeholders from being permitted to hold a license. If you’re committed to securing a Connecticut cannabis business license, we urge you to make sure you have a trusted guide on your team.
Cannabis Business Consulting Connecticut: The Licensing Lottery
While many details remain to be worked out, the state has released some details regarding the application and licensing process, as well as the fees associated with each license type. At present, the state plans to hold two lotteries for license applications. The first one will award licenses earmarked for social equity applicants, as noted above. The second will include unsuccessful social equity applicants as well as all applicants not designated as social equity recipients.
When it comes to the application and licensing process, Connecticut’s system is designed to avoid the possibility of applicants having to pay large sums even if they are unsuccessful in being granted a license. Those applicants who are selected in the lottery process will be granted provisional licenses. These licenses will expire after 14 months, and are not renewable. During this time, license-holders may apply for a permanent license.
Cannabis Business Consulting Connecticut: Crafting a Business Plan
Though it’s not yet known if the DPA will require a business plan with every license application, you’ll certainly need to create one. And as any veteran of the cannabis industry knows: Crafting a business plan—and understanding the regulatory, financial, and marketing landscape—will require attention to detail and the help of an experienced and trustworthy guide.
A well-crafted business plan is more than just a roadmap for you and your team. While it’s not yet known if Connecticut’s cannabis license application specifically requires you to submit a business plan with your application, it’s customary to do so. What’s more, from the licensing board’s point of view, it’s your single best opportunity to demonstrate your organizational and entrepreneurial knowledge, your grasp of the commercial and regulatory playing field, and the ways your business will positively impact the community you serve. Beyond that, having an airtight and realistic cannabis business plan is a major factor in your ability to attract investors, partners, and other key players.
If you’re serious about entering the Connecticut cannabis industry, we’d like to help. As a partnership of highly skilled and seasoned cannabis industry consultants and guides, Bridge West is ready to help new and emerging cannabis companies find financial and banking solutions, connect with potential stakeholders, and chart a course for success in this exciting—but challenging—new landscape.
Our team has direct experience with the Connecticut cannabis market can offer insight into the current and future regulatory framework, financial projections for the industry, consumer analysis, and more. If you’re ready to expand into Connecticut and begin your cannabis in Connecticut, contact us today to get started on the right foot.
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CONTACT HIGHER YIELDS CONSULTANTS
Higher Yields Consultants has decades of experience in the ever-changing, multifaceted cannabis industry. Whether you are an established business-owner or an entrepreneur eager to dive into the industry, we can help you navigate the ins-and-outs of marijuana licensing and production regulations. Fill out a contact form or call us at (844) HI-YIELD to schedule your free consultation.