Photo by Jonathon.
Palmieri

Applying For Connecticut’s Cannabis Lottery Application Process, What To Expect

Your chances of winning are slim but definitely not impossible.

Connecticut finally adopted recreational cannabis legalization last summer, and the first batch of licenses for related businesses are currently going out online.

On the eLicense platform, Connecticut notes that anyone who wants to open a business in the cannabis industry must apply to its lottery application process first, which is by far one of the easiest to fill out, but one of the most difficult to win.

For starters, it is a lottery, so your chances of winning are slim. But don’t let that discourage you because there isn’t a set amount of applications one can send in, meaning you could fill them out and submit them repeatedly. After all, that’s how lotteries work, so it’s all fair game.

The deadline for lottery applications will be on May 3, so it’s important to get those applications in ASAP in order for your name to be thrown in the pool. When applying in the first place, anyone who financially supports the business at 5% or more will also have to fill out and submit a separate application, which increases the chances your business will be selected.

Photo by CascadeCreatives / Adobe Stock Photo

If you’re a social equity applicant, getting that information from those who’ve invested in you can be challenging. According to West Fair Online, social equity applicants will need to gather resumes for all owners, officers, and other workers to show where and when they’ve worked as well as three years of federal tax returns by each financial backer.

Those applying for social equity applications will have to prove that they align with the social equity standards. This should be easy to achieve since it mostly asks for records that show you’ve lived in a disproportionately-impacted area. Something else that all applicants have to deal with is access to banks.

Your best bet to finding institutions that will support federally illegal drug transactions is scheduling consultations with financial advisors and attorneys who’ve worked with cannabis issues before.

Finally, it’s vital that you finish the application, cross all your Ts and dot your Is because this is the main piece of information that the state will look at in order to verify if your business is suitable for the area.

And before you start looking for a lease and other necessities like a business plan, keep an eye on the lotto first–before you make some moves that you can’t reverse.

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