The cannabis industry’s Social Equity Council granted approvals to several marijuana businesses this week while also denying a few more.
The Social Equity Council met Tuesday and approved social equity status for three equity joint ventures (EJVs), for FFW EJV LLC, FFDC EJV LLC and FFDN EJV LLC, all submitted by Connecticut-based cannabis dispensary company Fine Fettle, while denying status for two.
Fine Fettle had previously already had these EJVs approved before the SEC rescinded their previous decisions because the social equity ownership team was the same as the company’s already existing EJV, which isn’t allowed.
Meanwhile, two EJVs were denied, Sweetspot West Hartford LLC and Southport LLC. Southport was rejected because the council has already approved the maximum number of EJVs eligible for these companies. According to amendments last year to Connecticut’s legal cannabis law, existing licensed cannabis businesses can create only two EJVs per establishment.
Sweetspot was rejected because it didn’t meet the ownership and control requirements, the council said.
The council also voted to accept CohnReznick’s recommendation to approve five workforce development plans and two social equity plans, key steps before a cannabis business can receive its provisional license.
Hired by the SEC last year, auditing and accounting firm CohnReznick acts as a third-party reviewer for applications.
