Connecticut Real Estate & Cannabis Regulations

Cannabis Status: Open (Pending)

Connecticut just signed a bill to legalize marijuana and possession by adults 21 and older will become legal on July 1st. Sales of commercial cannabis could begin as soon as May 2022, but no specific start date has been set.

Gov. Ned Lamont (D) – “I think it’ll be the most comprehensive and best cannabis legalization bill in the country,” House Majority Leader Jason Rojas (D) said at the ceremony. “History will tell us if that’s true or not, but I feel confident in saying this is the best bill in the country and it’s going to move us in the direction of ensuring that we provide a well-regulated marketplace for adult-use cannabis for adults who want to participate in that kind of activity.” Source: Press Release

Name: Connecticut
Population: 3.565 million
Median Income: $78,444
Cannabis Uses:

  1. Retailer
  2. Hybrid retailer (which sells both adult-use and medical cannabis)
  3. Cultivator (which cultivate 15,000 square feet or more)
  4. Micro-cultivator (which start between 2,000 and 10,000 square feet)
  5. Product manufacturer
  6. Food and beverage manufacturer
  7. Product packager
  8. Delivery service
  9. Transporter

Connecticut Cannabis & Commercial Real Estate Research

Uses:

  • Retailer
  • Hybrid retailer (which sells both adult-use and medical cannabis)
  • Cultivator (which cultivate 15,000 square feet or more)
  • Micro-cultivator (which start between 2,000 and 10,000 square feet)
  • Product manufacturer
  • Food and beverage manufacturer
  • Product packager
  • Delivery service
  • Transporter

Distance Requirements: TBD

Caps: While the state has not finalized how many licenses of each type will be issued, there is a requirement that 50% of all licenses will be issued to social equity candidates. Licenses will be issued in two rounds of lotteries, first for social equity applicants and then a second lottery for general applicants.

Tax Rate:

The bill imposes an excise tax based on potency at the point of retail sale and exempts medical cannabis.

The rate is:

  • $0.00625 per milligram of THC in raw, flower cannabis;
  • $0.0275 per milligram of THC in edibles; and
  • $0.009 per milligram of THC in other cannabis products.
  • The bill also sets a flat municipal tax rate of $3 gross receipts.

Visit CREC Portal for more information on Connecticut real estate.

Senate Bill No. 1201
June Special Session, Public Act No. 21-1
AN ACT CONCERNING RESPONSIBLE AND EQUITABLE
REGULATION OF ADULT-USE CANNABIS.

https://www.cga.ct.gov/2021/ACT/PA/PDF/2021PA-00001-R00SB-01201SS1-PA.PDF

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