Some looking to cash in on cannabis are frustrated now that the early business license approval is delayed until at least the end of the year after regulators initially planned for this fall.
State lawmakers this year signed off on business license "preapproval" in order to give some entrepreneurs a head start to plan accordingly so they're ready for anticipated market launch next year — even as the rulemaking process continues. The rest of the business licenses would follow next year.
This summer, the Office of Cannabis Management began that process by pre-vetting social equity applicants, who are the individuals able to apply for early licenses.
If someone met that criteria, they could apply for the roughly 280 early licenses available. That period has closed, but the next step is the random lottery by which the cannabis office will choose who gets a license — from growers to manufacturers to retailers and more.
Read more at CBS News.