If you made it past the social equity applicant verification (or are waiting for your results), you’re probably wondering what’s next. Lucky for you, the Office of Cannabis Management (“OCM”) just released information to answer that question.
By way of background, the Office of Cannabis Management is obligated to pre-approve licenses to social equity applicants (“SEA”) by end of summer. The reasoning is that social equity applicants typically have a harder time accessing capital through investors, among other reasons.
The window to be verified as SEA closes at 11:59 p.m. on July 10, 2024. It may take some time to get OCM’s final response to your verification submission, so don’t think you missed the opportunity if you have not received a final response. (Remember, this verification window is only important if you intend to apply for the provisional licenses. If that’s not your plan, your SEA status can be verified at the general application period.)
Now the tough part starts. The window to apply for a pre-approved license opens July 24, 2024 and closes 11:59 p.m. on August 12, 2024. This is when you submit your work to hopefully qualify for the lottery. OCM just released what is required for your application. Thankfully, OCM provided fillable PDFs to input the information. You can either use their PDF or upload your own documents.
The application requirements can be divided into two categories. First, there are requirements all license applicants must provide. Those include things such as a business plan, disclosure of ownership and control, standard operating procedures for accounting and tax, quality assurances, etc. We knew these documents would be required, but now we’ve learned what should be included in each one.
The other group of required application documents are operation plans specific to the type of licenses and/or endorsement that applicant seeks. You may have to submit more than one operation plan, depending on your application. For example, if you are seeking to cultivate under a microbusiness license, you will be applying for a microbusiness license with a cultivator endorsement. You will need to submit a microbusiness operation plan and a cultivation operation plan.
Before doing anything, take time to closely review OCM’s License Preapproval Application Instructions and Criteria Matrix. This will provide significant assistance for this process. They have also released various videos on the topic to help applicants navigate the process.
Even if you’re not a verified social equity applicant or not intending to submit an application this summer, these documents are extremely helpful in knowing how the regular licensing process will work. Just remember, this current process is parred down from what will be required as part of the regular licensing process, because we will have regulations in place by that time.
I applaud OCM for the work it has done to make the process as accessible as possible. They clearly considered their audience as the applicant themselves, rather than lawyers or consultants. That said, the process can be difficult and overwhelming. If you have questions or would like assistance with the process, please don’t hesitate to contact me at 952-746-2187 or [email protected].
