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Cannabis License Lottery Set for June 5
Minnesota's recreational cannabis market is set to take a big step forward, as entrepreneurs eagerly await their chance to enter the industry. On Monday, the Minnesota Office of Cannabis Management (OCM) announced that it will hold its first lotteries for cannabis business applicants on June 5. This marks a significant moment for the state's cannabis program as it moves closer to allowing businesses to grow, manufacture, and distribute cannabis products.
The upcoming lottery will draw from two distinct pools: social equity applicants and general applicants. These groups will be eligible to apply for cultivator, manufacturer, and mezzobusiness licenses, which are essential for establishing a fully functioning cannabis market. The goal is to give social equity applicants a head start in the industry, enabling them to build a foundational supply chain for the future retail cannabis market. By providing opportunities for these applicants, Minnesota aims to foster a more equitable cannabis industry.
Originally, the social equity lottery was scheduled for November, but a lawsuit delayed the process, pushing the date to June. Social equity applicants who aren't selected during this initial drawing will have a second chance through a general lottery later in the summer. This ensures that those who may not win at the beginning still have a path to participate in the growing cannabis market.
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