The developing social equity program in Arizona is the perfect opportunity for those who are looking to find a way in to the market. There are 26 licenses will be awarded and minimal requirements to apply for the lottery. Read more below to find out about eligibility and timelines.
Proposition 207 is the act that legalized adult-use cannabis. It was voted on in early November, and won with a 60-40 vote. However, this legislation primarily benefited the current license holders of medical dispensaries by allowing them to convert to operate as adult-use dispensaries. As a result, a social equity program was set up to offset this imbalance. Currently, there is a solid draft of the social equity rules, and public feedback is being solicited.
The two main requirements to be eligible for this program are having a marijuana-related conviction and having a low-income year for 2019. For those who have a low family income, the $5,000 application fee of $5,000 will be waived. Additionally, applicants will complete an educational course. The course will cover an overview of the federal and state laws related to cannabis, setting up a business in Arizona, and application requirements. One of the major benefits of this program is that the owner can obtain a license 18 months prior to providing proof that there is a physical location for the planned dispensary.
Timeline & Potential
Canna Business Services is keeping a pulse on the evolution of the regulations for the social equity program in Arizona. This highly lucrative business opportunity is one you don’t want to miss! The state is moving quickly to adopt the social equity program rules and aims to have them finalized by June 1st. Moreover, all rules related to the recreational law must be in place by this deadline. There are a total of 26 licenses to be given out by the state of Arizona. These business opportunities are guaranteed to be significant sources of revenue for their owners.
Now is the time to figure out if you’re eligible! Contact Canna Business Services to help you be completely prepared for when the application window opens.