Connecticut hires auditor to develop process for equity cannabis licensing

Connecticut’s recreational cannabis oversight board hired a third-party auditing and accounting firm to develop and review equity applicants for the state’s adult-use program.

The Social Equity Council, which oversees the marijuana application process in Connecticut, contracted CohnReznick to develop a system to ensure equity applicants comply with state rules, the Stamford Advocate reported.

The New York-based company will also recommend applicants for approval or denial.

The contract, according to the Advocate, is worth up to $600,000 and runs until Dec. 31.

Half of Connecticut’s recreational marijuana licenses will go to social equity applicants, who must meet certain requirements regarding income, residency and business ownership, the newspaper reported.

Connecticut is the latest state to turn to outside help to help implement marijuana programs, policies and applicant pools, among other directives:

• Washington state hired consultants to provide advice and market guidance to regulators on sales and production.
• Illinois contracted accounting giant KPMG to evaluate applications, though that process led to prolonged processing delays and several equity applicant lawsuits.

Source: https://mjbizdaily.com/connecticut-hires-auditor-to-develop-process-for-equity-cannabis-licensing/