However, he wrote, it makes the most financial sense to allow medical cannabis operators to fast-track into an adult-use market. Patrik Jonsson, regional president of Curaleaf’s Northeast operations, wrote in an email to MJBizDaily that “as a nascent but high-growth industry, there is significant room for expansion in adult use.” The dispensary, founded in 2014, generated about $12.8 million in revenue in 2019 and serves approximately 10% of the state’s medical marijuana patients, according to regulatory filings. Florida-based Trulieve acquired The Healing Corner dispensary in Bristol in May 2019 for $19.9 million, according to a regulatory filing.Curaleaf obtained a fourth dispensary in Groton through its 2020 acquisition of Illinois-based Grassroots Cannabis. Curaleaf last year bought the Arrow Cos., which operated dispensaries in Hartford, Milford and Stamford, for $37.7 million, including $16.3 million in cash and the remainder in stock.The acquisition included a 41,000-square-foot manufacturing facility in West Haven with potential for expansion and a 46% stake in a Westport dispensary called Bluepoint Wellness. Illinois-based Green Thumb Industries in February 2019 bought cultivator-processor Advanced Grow Labs for $110.1 million, including $15.5 million in cash and 7.3 million subordinate voting shares.The company and other MSOs also have paid hefty prices to acquire operations in Connecticut in the past couple of years: Many of the players in the Connecticut medical marijuana market are homegrown.īut Massachusetts-based Curaleaf is the biggest player, holding one of four producer licenses and four of 18 dispensary licenses.Ĭuraleaf began wholesaling medical marijuana in October 2014 and sells to the state’s 18 dispensaries from a 60,000-square-foot facility that opened in the fourth quarter of 2019. The excise taxes would be $1.25 per dry gram of flower, 50 cents per dry gram of trim and 28 cents per gram for wet cannabis. Three tax types would be imposed: excise taxes on cultivation, a 3% municipal sales tax at retail, and the state sales tax (currently 6.35%) at retail and delivery.
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Municipalities would be permitted to use their zoning code or zoning ordinances to regulate cannabis establishments, except for medical marijuana businesses.Each backer may be involved in at most two licenses of each type.Social equity: Delivery service, micro-cultivator, and food and beverage licenses would have lower barriers to entry to help promote equity in the market.Existing medical marijuana businesses would be able to convert to the adult-use market for a substantial fee.Licenses would be issued by lottery to cultivators, retailers, hybrid medical/adult-use retailers, micro-cultivators, product manufacturers, food and beverage makers, product packagers and delivery services.Recreational sales would start in May 2022.Lamont’s legislative proposal, unveiled Wednesday, includes these key aspects: Sales last year were estimated to be $140 million to $170 million.īodian said businesses are interested in the Connecticut market because of its potential opportunities.
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Marijuana Business Daily projects that an adult-use market in Connecticut could generate $250 million in sales by its first full year and $725 million in annual sales by its fourth year.īy comparison, the state’s medical marijuana market, launched in September 2014, is forecast by the Marijuana Business Factbook to reach $160 million-$195 million in sales this year, up about 15% over 2020. “I think it’ll be a very, very close vote in the House,” Ritter told the Hartford Courant. New York and Connecticut are viewing this as an opportunity to catch up.”īut Connecticut House Speaker Matt Ritter, a Democrat, recently put the odds of passing legalization legislation at 50-50.
“At this point, New Jersey is leading the pack.
“I do think it’s tri-state competition and collaboration,” said Michelle Bodian, senior associate attorney in the New York office of Vicente Sederberg, a cannabis law firm. Andrew Cuomo to develop a regional framework for commercial recreational marijuana. Ned Lamont, a Democrat, is pushing hard for legalization and, before the coronavirus pandemic, participated in a summit hosted by New York Gov. They point to pandemic-induced budget woes and pressure from voter-approved, adult-use legalization in nearby New Jersey. Marijuana Policy Project, investment analysts and industry officials all believe Connecticut is likely to be one of the next states to legalize a commercial adult-use market.
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In addition, any adult-use market is expected to generate license and ancillary opportunities for a number of Connecticut-based enterprises, including social equity applicants and small businesses.
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