Connecticut Cannabis Market – Business Plan Templates

Connecticut Medical Cannabis

In 2012, Connecticut lawmakers approved medical cannabis program and sales began in 2014. Regulators initially licensed six dispensaries and increased the number to nine in 2016. On December 11, 2018, Connecticut approved nine new licenses.

The state has approved medical cannabis use for 36 conditions for adults and 10 for patients younger than 18.

In 2020, Connecticut dispensaries sold over $140 million worth of cannabis products indicating almost 40% growth compared to 2019. The Connecticut cannabis market is estimated to be worth $164 million in 2021 and about $150 million in 2022, according to a Cowen report.

In 2023, Connecticut passed legislation that exempt businesses from Section 280E of the federal tax code that allows cannabis companies to deduct business expenses from their state income taxes.

As of September 30, 2024, Connecticut had 32,270 registered medical cannabis patients, 18 operational state-licensed dispensaries and 4 producers according to the official website.

Connecticut Adult-Use Cannabis

On July 1, 2021, lawmakers passed an adult-use cannabis bill legalizing consumption of up to 1.5 ounces of cannabis for adults 21 and older in Connecticut. Retail sales began in January 2023.

How to Start a Cannabis Business in Connecticut?

In 2023, total sales reached $273.8 million, of which 53% was adult-use cannabis. The first nine months of 2024 brought in $222.6 million with 66% of adult-use cannabis sales. Monthly sales of regulated recreational cannabis topped $18 million in August 2024, a monthly record since adult-use sales began.

Cannabis consumers in Connecticut spent most of their dollars (49%) on flower. Concentrates, the next largest share of the cannabis sales, captures 36% with over 86% of this contributed by cartridges. Edibles, with 12%, came in third and other products categories represented less than 3% of the marketplace.

Connecticut’s adult-use cannabis market could generate $200 million in sales this year.

Connecticut Cannabis Market Infographics

Cannabis Extraction/Concentrates Business Plan Sample, Connecticut

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'70% ready to go' business plan templates

Our cannabis financial models and cannabis business plan templates will help you estimate how much it costs to start and operate your own cannabis business, to build all revenue and cost line-items monthly over a flexible seven year period, and then summarize the monthly results into quarters and years for an easy view into the various time periods. We also offer investor pitch deck templates.