Connecticut will open its cannabis retail license application period on February 3, but entrepreneurs in the state are struggling with uncertainty ahead of the application as financing and location issues persist.
According to partner Robert Lickwar who leads the cannabis practice in Connecticut, financing is one of the top challenges prospective cannabis companies face when entering the industry. Traditional financial institutions, like banks, are usually cornerstones for business loans, but the continued federal prohibition on cannabis means they are largely ignoring the industry.
One potential source of capital, Lickwar noted, is the state's angel investor tax credits, which are available to cannabis industry investors and could help entrepreneurs finance their businesses.
Read the full article published by Hartford Business Journal.