How to Still Get into the Kentucky Cannabis Market
Four Ways To Join The Kentucky Cannabis Market
So, you want to get into the Kentucky cannabis market, but (for whatever reason) you didn’t win a business license. Not to fear, you’re not alone. Most people and businesses who applied or wanted to apply but didn’t for any number of reasons, didn’t get a license. This doesn’t mean this is the end of the road though.
Here is how you can still get into the Kentucky cannabis market.
1) Buying A Cannabis License
Approvals Are Required
Of all the options available, this is perhaps the most straightforward (though it may also be the costliest). The Kentucky Office of Medical Cannabis already has detailed the steps for how someone can request to sell a cannabis business license. This applies to all license types—from growers (cultivators) to manufacturers (processors) to retailers (dispensaries).
A purchaser would need to showcase that they and any new facility location meets the business licensing requirements. Plainly stated, a request to sell one’s cannabis business license would need to be made to the Office of Medical Cannabis and this sale would not be able to occur unless the Office approves the sale in writing. The Office still would have the authority to approve or deny a request for selling the license. All initial license application requirements must be made for a license sale such as this.
License Consultants Can Help You Succeed
Are you interested in buying or selling a license? We would be happy to help and guide you through the process to assess the value of a license, walk you through what steps are needed to ensure approval of the sale, and offer insight as to what you could do as a prospective buyer or seller to stand out.
With decades of experience in cannabis licenses transfers, mergers & acquisitions, and exit strategy, we at Canna Advisors are here to help with your license acquisition process. We can support a smooth and compliant transition and submission of compliant materials to the Office, during the process.
2) Applying In Future Cannabis License Lotteries
There are still more cannabis lotteries to be held in the Commonwealth, so you still have time to apply for different license types. Notably the two other licenses that have had zero licenses issues so far are the cultivator tier IV (the largest of the cultivation licenses offered) and the producer license which authorizes license holders to both grow and process raw plant material.
No date is set for when a lottery for either of these license types will be announced, but we do anticipate these will be offered in 2025.
3) Starting Ancillary Cannabis Businesses
You don’t have to be a cannabis plant touching business to succeed in the cannabis industry. Plenty of businesses (much like our own) succeed without being directly involved in the supply chain of the cannabis plant.
If you have an ancillary cannabis business type that you want to explore or are interested in investing in to support those within the supply chain in Kentucky, don’t hesitate to reach out to see how your niche can help the Bluegrass cannabis market.
4) Keeping Tabs On Unforeseen Opportunities
As with all state cannabis programs, nothing is ever certain. New opportunities and license announcements can arise with limited warning. Our team of seasoned Kentucky cannabis consultants is keeping an active pulse on the industry and ready to find you an opening wherever possible.
If you’re looking to join the cannabis market in Kentucky now or already have a plan in motion, book an hourly consultation or contact us directly to make sure you’re equipped with the latest resources for a license win.