Notable Players

A Deeper Look At This State

Regulatory Framework

House Speaker-designate Matt Ritter's 50–50 odds on cannabis legalization passing in the state legislature in 2021 was prescient. The Connecticut Senate, by a close 19-17 margin, passed a bill early Tuesday that would legalize legalize adult-use cannabis, with sales expected to begin in spring 2022.

The state House of Representatives still must pass Senate Bill 1118 Wednesday, June 8, 2021. Governor Ned Lamont (D) has indicated he will sign the measure.

A compromise agreement ironed out over the weekend would give social equity applicants priority status in obtaining cultivation and retail licenses.

Additionally, existing medical marijuana cultivators could apply for an adult-use license but would be required to pay a fee of $3 million, or $1.5 million if they create at least two social equity joint ventures. Moreover, a prospective adult-use marijuana operator would also be required to 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.

Notable Market Activity

July 2020 | Curaleaf acquires Arrow Alternative Care Dispensaries

January 2019 | GTI acquires Advanced Grow Labs

What's the Play?

With adult-use legalization on the horizon, the market could easily generate $250m in sales in the first full year and $725m in the fourth year.

Major MSOs have already identified this state as an attractive market, with both Curaleaf and GTI making inroads. 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.

Market Snapshot

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

58,380

This Data Point

594/273

By The Numbers

Population

~3.6MM

Medicinal Legalization

2012

Adult-Use Legalization

N/A

MMJ Patients

~54K

Monthly Revenue

~$15MM

Cultivation Cap

No Limit

Cultivation Licenses

4/10 (Issued/Limit)

Retail Licenses

18/18 (Issued/Limit)

Retail License Cap per Operator

No Limit

Vertical Integration

Allowed

Delivery

Not Allowed

MMJ Qualifications

Less Restrictive

State Population / # Retail Licenses

Annual Tourists

~
7
MM

Accepts Out of State MMJ

No

MMJ Patients / # Retail Licenses

~3K

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data
Shit We Don't Know

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