Connecticut to legalize adult-use cannabis before New York, where license-issuing is postponed until 2023

Bethan Rose Jenkins, Cannabis News Writer/Editorial

The State of Connecticut is expected to launch its recreational cannabis market before New York. In fact, regulators anticipate the market’s launch by year-end 2022, whereas New York’s market is likely to kick off in spring of 2023.

According to MJBizFactbook analysts, Connecticut’s looming adult-use sector is expected to yield $750 million in annual revenue by its fourth year of operation. What’s more, the industry could attract as much as $250 million during its launch year.

While the state may not harvest as much revenue as its skyscraper-speckled neighbor, which is poised to earn more than $2 billion by its fourth year of operation, experts believe that the state’s social equity program will be significantly stronger.

Connecticut to utilize BioTrack for cannabis seed-to-sale tracking system

In a bid to ensure that everything runs as smoothly as possible for Connecticut’s soon-to-be-launched adult-use cannabis market, state regulators have chosen BioTrack as their seed-to-sale system of choice. 

The first ever cannabis point-of-sale system to integrate every vertical of the cannabis business model into one” will enable regulators to monitor inventory and provide consistent oversight on business transactions that are recorded in the state’s already-active medical cannabis market, as well as the fast-approaching recreational cannabis market.

Based on an official news release published by BioTrack’s producer, Pennsylvania-headquartered Forian was specifically chosen by Connecticut’s Department of Consumer Protection Drug Control Division to supply a cannabis product inventory, as well as to limit deflection.

Any and all licensed medical recreational cannabis companies in Connecticut must abide by the state’s rules, which stipulates that they must log into the BioTrack platform as their product is being grown, processed, tested, packaged and sold in retail settings.

Back in September, Forian which launched in March announced a $24 million private placement of convertible notes. The cannabis software company was developed following a merger between BioTrack and Cannalytics producer Helix Technologies Inc. and Medical Outcomes Research Analytics.

The company can be found trading on the Nasdaq exchange under the ticker “FORA.”

Licenses to sell cannabis in New York City won’t be issued for another two years

According to a statement recently issued by chairperson of New York’s five-member Cannabis Control Board (CCB), Tremaine Wright, licenses to sell cannabis in New York City probably won’t be distributed until the year 2023 “at the earliest.”

This statement, which was made during a recent cannabis symposium in Rochester, suggests that hopeful licensees in New York must practice patience. Presently, the CCB is aiming to finalize regulations for the state’s forthcoming recreational cannabis market within an 18-month timeframe.

“What we do control is getting [dispensaries] licensing and giving them all the tools so they can work within our systems,” Wright is quoted as saying. “That’s what we are saying will be achieved in 18 months. Not that they’re open, not that they’ll be full-blown operations, because we don’t know that.”

Established by the state’s previously-serving Governor Andrew Cuomo, the Office of Cannabis Management (OCM) is responsible for developing firm rules and regulations pertaining to the issuing of licenses required by residents who wish to produce, cultivate and distribute cannabis, as well as those who want to launch dispensaries and social consumption sites.

Gov. Kathy Hochul, who took over from Cuomo when she stepped down from her role, has always maintained that cannabis is among her “top priorities.”