Connecticut, in recent years, hasn’t been known for attracting out-of-state companies, especially when state incentives aren’t involved.Sure, we’ve scored a few wins in 2021 with several companies announcing moves or expansions to Fairfield County, but that’s more of an aberration than the norm.But if you read our cover story this issue, you’ll see that out-of-states […]
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Connecticut, in recent years, hasn’t been known for attracting out-of-state companies, especially when state incentives aren’t involved.
Sure, we’ve scored a few wins in 2021 with several companies announcing moves or expansions to Fairfield County, but that’s more of an aberration than the norm.
But if you read our cover story this issue, you’ll see that out-of-states companies (in addition to Connecticut-based players) will be rushing to enter Connecticut’s recreational cannabis industry.
Many companies, from large national players like Massachusetts-based Curaleaf and Green Thumb Industries in Chicago, to small purveyors like Bay State-based Green Meadows, are working on business plans to get in on what they see as a coming green rush.
Industry experts and state officials are projecting Connecticut’s adult-use cannabis market will start off strong and grow significantly. Trade publication MJBizDaily in February predicted $250 million in adult-use sales in year one, and $750 million by year seven.
The state Office of Fiscal Analysis projects the cannabis industry will generate $55 million in tax revenue by fiscal 2026.
It’s not often that Connecticut can be on the forefront of a relatively new industry, so the recreational cannabis market offers a rare opportunity for the state.
The industry’s growth, however, faces potential hurdles. Already a number of Connecticut towns have instituted moratoriums or bans on new cannabis businesses.
And state regulators are only in the early stages of coming up with industry regulations. They have many tough decisions ahead, including how to make sure smaller operators, like individuals from communities hit hard by the war on drugs, aren’t drowned out by large multistate operators.
Not to mention there is still a stigma around cannabis use.
The bottom line: There are a lot of unknowns as we are still likely a year away from the recreational cannabis market coming online.
As the sector progresses to its eventual debut, Hartford Business Journal and our sister publication, New Haven BIZ, will be at the forefront of covering the latest news and information about the industry.
That effort has already been underway, with some of our in-depth reporting in the last few months on the emerging sector. We also held our first cannabis event in July, which drew over 200 attendees who were either interested in entering or serving the marketplace. We’ve got another event scheduled for Nov. 3, at Farmington Gardens in Farmington.
This week we are doubling down on our industry coverage. First, in this issue, we’ve introduced the start of our Cannabis series, which will publish in two consecutive September issues, and then appear occasionally throughout the rest of this year and into 2022. We will explore topics ranging from in-state and out-of-state operators planning to enter the market to the industry’s workforce development efforts and how recreational cannabis will impact commercial real estate.
We will also give readers an inside look at how a grow facility operates.
Here's a listing of stories from our series:
- In-state and out-of-state companies, big and small, are preparing to enter CT's recreational marijuana industry
- Tight advertising restrictions will pose challenges for CT recreational cannabis businesses, marketers
- First-ever Social Equity Council chair Comer wants level playing field in cannabis industry
- State officials, colleges developing workforce development programs for CT’s recreational marijuana industry
You’ll notice the series has a “CTCannabis Insider” logo. In addition to the series launch, on Sept. 9, HBJ and New Haven BIZ will jointly debut a weekly CTCannabis Insider email newsletter, which will include the latest news and information about the industry.
The newsletter will hit email subscribers’ inboxes every Thursday at 10 a.m.
Spearheading most of the coverage will be HBJ Senior Staff Writer Sean Teehan. You can reach him with story ideas at steehan@hartfordbusiness.com.
As always we want to know what you think about our coverage, so don’t hesitate to reach out with feedback.
