Governor Ned Lamont signed SB 1201 on June 22, 2021, officially legalizing recreational marijuana. A compromise agreement gives social equity applicants priority status in obtaining cultivation and retail licenses.
Prospective adult-use cannabis operator must make a "good-faith effort" to enter into a labor peace agreement with a union before receiving its final license.
Under the agreement, local jurisdictions could prohibit retail sales through zoning ordinances, but residents could petition for a local referendum on the issue.
November 2021 | Verano completed the acquisition of Willow Brook Wellness, LLC as well as entered into definitive agreements to acquire Caring Nature, LLC and Connecticut Pharmaceutical Solutions, Inc.
July 2020 | Curaleaf acquired Arrow Alternative Care Dispensaries
January 2019 | GTI acquired Advanced Grow Labs
Adult use sales began in January 2023 and the state has performed steadily ever since. Sales have reached or exceeded the $22.0MM mark since March.
Major MSOs have already entered this state through acquisitions and will benefit from first-mover-advantage. The Constitution State enjoys an attractive population density with a limited license regulatory framework. Look for the regulatory framework to expand, allowing for more patients and revenue while the northeast continues its march towards full legalization thanks to pressure from adult-use neighbors Massachusetts and New Jersey.
To provide our clients with the best-in-class advice and transaction execution in the cannabis investment sector.
.png)