Minnesota Opens Social Equity License Application for Adult-Use Cannabis Market

1.1 min readPublished On: July 26th, 2024By HCN News Team

LOS ANGELES- The Minnesota Office of Cannabis Management (OCM) has initiated the first social equity business license application process for the state’s adult-use cannabis market. The application window, which began on Wednesday, will remain open until 11:59 p.m. CT on August 12. This initiative aims to provide early access to the market for social equity applicants, giving them a competitive edge in establishing their businesses.

To qualify for a social equity license, applicants must meet specific criteria: they must be veterans, new farmers, residents of high-poverty areas, or individuals previously convicted of cannabis-related offenses. These qualifications are designed to support individuals and communities disproportionately affected by past cannabis prohibition policies.

The preapproval application process allows qualifying applicants to secure necessary resources such as financing and leases ahead of others. Successful applicants will enter a September lottery for 280 available licenses, including 100 for small businesses, cultivators, and manufacturers. This early application process provides an opportunity for these businesses to start preparing, including the possibility of beginning cultivation in the fall, with retail sales expected to launch by spring.

Charlene Briner, the interim director of OCM, highlighted the significance of this preapproval window as a critical step in developing Minnesota’s cannabis industry. Future application windows will be announced, providing additional opportunities for those interested in entering the market.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.