More than 700 Minnesotans wasted no time in applying for preapproval of adult-use marijuana business licenses when the social equity licensing program began. The Minnesota Office of Cannabis Management is specifically focusing on social equity applicants, including veterans, new farmers, and individuals who have been negatively impacted by the war on drugs, by giving them a head start in the licensing process. The office is encouraging early submissions of applications, as it indicated a significant level of interest in the industry.
While over 700 applications were received in the initial phase, it is important to note that not all applicants will necessarily follow through and submit a full license. The next step in the process will involve reviewing business plans, safety and security measures, labor agreements, ownership structures, and more. Successful applicants will then be entered into a lottery for a limited number of licenses, as per legislation passed in recent sessions.
The goal of the legislation is to protect small, local businesses from being bought out by larger entities by implementing some protections and safeguards. The timeline for when licenses will actually translate into operating businesses is unclear and will depend on the number of applicants overall. The office anticipates having more information on this front once the licensing window closes on August 12th. The participation of advocates in the lawmaking process has been instrumental in shaping the regulations to safeguard small businesses and ensure their success in a volatile market.
Overall, the Minnesota Office of Cannabis Management is optimistic about the launch of the adult-use marijuana industry and confident in the protections put in place to support social equity applicants and local businesses.