Those who want to get into Connecticut’s new legal cannabis industry need an early start. Investors and credit unions want to start planning now.
“The cannabis industry is a multi-million dollar industry, going into upwards of a billion dollar industry,” Luis Vega, a hemp farmer and member of the Minority Cannabis Business Association, says.
“Step one, make sure you start your business plan, make sure you are a viable business with a roadmap on what you would like to do,” Vega says.
It’s not cheap.
“Just in Connecticut the fee to go is $3 million,” Vega says.
That’s for a grower or cultivator license, which will require a lot of equipment and lighting. A license for a dispensary’s start-up costs might be around $1.5 to $3 million.
Access to capital will be a challenge for some.