Connecticut cannabis regulators have given the green light to three more retail shops, all social equity applicants that are spin-offs of the Budr Cannabis brand.
The Connecticut Social Equity Council last week signed off on the trio of equity joint venture shops for Budr Hartford Holding Corp. The joint ventures are essentially partnerships between social equity entrepreneurs and established companies that will front startup expenses for the new dispensaries, Hartford Business reported.
Budr Cannabis is partnering with multistate operator Green Thumb Industries, which is based in Illinois but already owns two Connecticut dispensaries and a cultivation operation.
At the same meeting, the Social Equity Council also gave initial approval to a quartet of workforce development plans submitted by Budr Cannabis, Connecticut Social Equity LLC, Curaleaf Groton, and Green Cab Co LLC, Hartford Business reported. The council also gave the thumbs up to a business social equity plan submitted by micro-cultivator MCEJV LLC.
Though the addition is only a trio of new shops, the ripple effects for the local industry could be big, since there are so far just 12 dual recreational and medical marijuana retailers operational to date, according to the state Department of Consumer Protection. That’s in addition to seven other medical-only dispensaries.
The new three will bring the cannabis storefront total to 22 in Connecticut, though it’s not clear yet when the new Budr Cannabis dispensaries will open for business.
Connecticut adult-use cannabis sales only just launched in January this year with seven licensed shops, and the market has been slowly expanding since then.