On the first day of the launch of the social equity licensing program for adult-use marijuana businesses in Minnesota, over 700 applicants submitted their preapproval requests. This initiative aims to provide a head start to those from underrepresented communities such as veterans, new farmers and individuals affected by the war on drugs. The Minnesota Office of Cannabis Management emphasized that early submission of applications was crucial in being considered for the program.
Interim Director Charlene Briner expressed her excitement about the high number of applications, indicating a significant level of interest in the emerging industry. However, she clarified that not all applicants may follow through with submitting a full license. Despite this, the office is looking forward to supporting prospective entrepreneurs in the cannabis market.
Full license applications for adult-use marijuana businesses will become available on July 24th, and the Office of Cannabis Management will review various aspects of applicants’ business plans, safety measures, ownership structures and more during the vetting process. Successful applications will then be entered into a lottery due to the limited number of licenses available, as per recent legislative regulations.
Briner mentioned that legislative provisions have been put in place to protect social equity business owners from potential buyouts by larger entities. These protections aim to ensure that smaller businesses can succeed within a competitive market. The office is confident in its approach to launching and supporting these new ventures.
The transitioning of licenses into functioning businesses remains uncertain with an estimated timeline contingent on the number of applicants. More information is expected after the Aug 12 closing date for licensing window closure. Briner believes that involvement from lawmakers and inclusion of protective measures will contribute significantly to program’s success in fostering a diverse and robust cannabis industry in Minnesota.