On May 2012, Connecticut signed the Act Concerning the Palliative Use of Marijuana into law. Under Connecticut marijuana laws, only licensed pharmacists are allowed to run a dispensary. Those who qualify are required to have experience in patient counseling regarding drug interactions and undertake training on proper handling of controlled substances. Unlicensed pharmacists looking to start a dispensary in this state are just not lucky. The state issued the first dispensary licenses in 2014. Only six applicants were selected out of the 27 applications made. The state also issued licenses to only four medical marijuana cultivators. As of now, there are a total of nine marijuana dispensaries in the state. Connecticut marijuana growing laws prohibit patients from having their own plants.
The State of Medical Marijuana Market
Despite the fact that Connecticut is not the leading medical marijuana market in the U.S., it is experiencing enormous growth. In the past one year, the number of registered patients has risen to 46%. Between April 2017 and April 2018, the number of registered Connecticut medical cannabis patients has increased from 17,769 patients to 25,855, and this has seen a spike of close to 8,100 consumers.
In 2016, Connecticut’s medical sales reached 29.3 million dollars and are anticipated to go up over the next four years. For the year 2021, estimated medical sales are likely to hit $104,900,000. The adult-use bill already in the parliament is expected to generate more than $60 million of revenue by 2021. This translates to an average monthly growth of 3% for the patient pool, which is an excellent indication for the four medical marijuana cultivators and state’s nine dispensaries, especially ever since the state is determined to add 10 more medical marijuana dispensaries.
All applicants seeking a dispensary license are required to pay $1,000, which is non-refundable. The application must also include:
- Financial statements
- Proposed location and site plan
- Marketing and business plans
It is worth noting that any application with probable medical marijuana research studies, information on employee benefits, and how the business will be of help to the surrounding community will earn bonus points.
America Cannabis Company, Inc.
In Connecticut, more businesses are hastily capitalizing on growing the medical marijuana market. Currently, regulators have received more than 70 marijuana dispensary applications, following the decision to enlarge the firmly controlled market from the initial nine outlets to 19 outlets. The competition is tough, and if you’re interested in opening up a dispensary in Connecticut, it is in your best interest to work with experienced consultants. At America Cannabis Company, Inc., we are committed to helping you put your plans and finances in order, and draft and submit all the application documents. Contact us today to learn more.