Cannabis businesses look forward to license lottery
Minnesota's recreational cannabis industry is taking a step forward in the coming weeks, with business owners hoping to win licenses through a social equity lottery offering 282 licenses to more than 3,100 applicants. There is.
More than 1,800 license pre-approval applications from verified social equity applicants continue to be reviewed by the Minnesota Office of Cannabis Control. The applications include 586 for micro businesses, 578 for retailers and 372 for meso businesses. Applicants who meet all criteria for review will proceed to a lottery, which will be scheduled once all applications have been reviewed.
PAUL, Minn. (FOX 9) – State officials released a breakdown of the types of cannabis business pre-approval applications submitted by social equity applicants ahead of this fall's license lottery.
Read more: Minnesota Cannabis Control Authority reviews final applicants for license lottery
what we know
The Minnesota Office of Cannabis Control (OCM) said its staff is still reviewing license pre-approval applications from verified social equity applicants.
The period for accepting pre-approval applications for social equity business licenses is now from July 24th to August 12th.
Read more: Cannabis social equity license pre-approval period opens in Minnesota
According to official figures, the majority of applications are for micro-enterprises, retailers and meso-businesses.
Breakdown of license types
OCM also shared the number of each type of license application submitted.
For cannabis microbusinesses, 586 applications were submitted, accounting for 32.2% of the total number of applications. For cannabis retailers, 578 applications were submitted, representing 31.8% of the total number of applications. For cannabis meso businesses, 372 applications were submitted, accounting for 20.5% of the total number of applications. Number of applications (defined by OCM as businesses that can grow, manufacture, sell, or purchase cannabis (including plants and seedlings) and low-potency hemp products). 57 applications were submitted for cannabis cultivators, representing 3.1% of the total number of applications. For cannabis manufacturers, 45 applications were submitted, 2.5% of the total number of applications. Nine applications were submitted for cannabis wholesalers, 0.5% of the total number of applications. There were 11 applications submitted for cannabis transporters, or 5 applications for 0.6% cannabis testing facilities, representing 0.3% of the total number of applications. There were 154 applications for cannabis delivery services, accounting for 8.5% of the total number of applications.
violation and enforcement
OCM announced that as of September 6, more than 34,056 retail units of “nonconforming cannabis-derived cannabinoid products” had been destroyed by state inspectors. The estimated retail value of these destroyed products is $878,490.
Approximately 190 pounds of unlicensed marijuana flower was also destroyed during the same period, with an estimated retail value of $564,900, according to OCM.
What comes next?
Submitted business license applications will go through a review and vetting process and, if eligible, will be entered into a lottery to award licenses in nine different categories. The first license lottery is expected to take place this fall, but OCM has not yet committed to a firm date.
The pre-approval of the license will allow applicants to complete business operations ahead of market launch in early 2025.
Read more: Cannabis conviction expungement hinders cannabis license applicants
sauce
News release from the Bureau of Cannabis Control.
