More than 37,000 applications have been entered into lotteries for an initial round of 56 adult-use marijuana licenses in Connecticut, including 23,487 applications for 28 social equity licenses.
“At the end of the day, it’s a large number of lottery balls entered without a lot of licenses available,” Michelle Bodian, a cannabis attorney in Vicente Sederberg’s Boston and New York offices, told MJBizDaily.
Lottery dates haven’t been announced yet.
Application windows were staggered, with the last ones ending Wednesday night.
The applications and license availability break down this way, according to state data:
Separately, Connecticut has received 41 applications for equity cultivation licenses that carry a controversial $3 million fee.
“The fee isn’t due until verification of eligibility (and selection) but, still, 41 is quite the large number,” Bodian said.
The state isn’t limited on how many licenses it can issue in that category.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
Bodian said she expects the Social Equity Council to announce those larger equity cultivation licenses at its July 12 meeting.
It’s unclear when Connecticut’s adult-use market will launch, but Bodian said the timeline “seems tight” in terms of sales starting before year-end.
Jeff Smith can be reached at firstname.lastname@example.org.