Four social equity license applicants in Connecticut are proceeding with their applications to serve the state’s upcoming $250 million adult-use cannabis market, regulators said.
Connecticut Gov. Ned Lamont signed adult-use legalization into law in summer 2021 and half of all adult-use licenses are reserved for social equity applicants.
Among them could be Bay Breeze Botanical, Golden Hanuman and High Regard CT.
All three companies won coveted spots in the state’s social equity lottery for manufacturing licenses.
Another firm, Grow Green Girls advanced in the licensing process for a transportation permit, the state Department of Consumer Protection (DCP) announced.
According to the Hartford Business Journal, two out of the four companies have out-of-state principals
The state might award more license application bids via future lotteries after the social equity licenses are awarded, according to the DCP.
In the meantime, all four winning firms must provide additional information, including a background check, and pay state fees before they are issued a provisional license, the DCP.
Sales have yet to begin in Connecticut, though authorities have said adult-use retailers could be open and operational before the end of the year.
Recreational marijuana sales in Connecticut could surpass $750 million by 2027, according to an MJBizDaily projection.