The Connecticut Social Equity Council on Monday reversed six earlier denials for cannabis companies seeking social equity status, CT News Junkie reports. The reversal allows the firms to move forward with a Department of Consumer Protection review of their proposals.
The council also approved a plan to create a 6% to 9% interest rate for firms that borrow from the $50 million fund for social equity applicants and allow those that go through the state’s accelerator program to knock off an additional 1.5%.
The council said the program was necessary as cannabis companies cannot receive bank loans and that some social equity applicants would need financial assistance. Social equity applicants must pay a $3 million fee to the state.
So far, the council has approved 69 applicants in total, including 22 cultivators.
The council, on Monday, also approved workforce development plans from two firms, including Curaleaf. However, council member Subira Gordon criticized those plans as “very fluffy with not a lot of details.” She voted against the plan because she doesn’t believe that it meets “the criteria to change cycles of generational poverty” for her community.
Some social equity businesses may choose to partner with a larger firm, such as Curaleaf, to raise the $3 million fee.
Retail sales in Connecticut could commence before the end of the year.
Get daily cannabis business news updates. Subscribe