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Maximize Your Chances at Winning a Delaware Cannabis License
Applying for a cannabis license in Delaware is an exciting opportunity that will only be available until September 30, 2024! Delaware is emerging as one of the most promising markets for new cannabis businesses, and winning a license could make you one of the state’s first cannabis business owners. However, getting a license could be challenging, since Delaware is using a lottery system to choose who is awarded a license.
Despite the lottery, there are a number of ways to increase your chances at being issued a license. So, if you’re looking to enter Delaware’s cannabis market, here’s what you can do to maximize your chances of securing a license.
Why Delaware? A Unique Market Opportunity
Delaware’s Office of Marijuana Control (OMC) has yet to announce any future application windows beyond the current one. Because of this, winning a license could make you one of the only cannabis business owners in the state for a long time.
This unique market condition presents not only a chance to establish a long-term business but also the potential for significant future profits. For example, a successful applicant could choose to sell their license at a premium down the line.
Now that you know the potential, here’s what you can do to maximize your chances at being awarded a license!
Strategy 1: Increase the Number of Applications
One of the most straightforward ways to increase your odds in Delaware’s cannabis license lottery is by submitting multiple applications.
Delaware is divided into three counties, and you are allowed to submit an application in each one. By applying in all three counties, you effectively triple your chances of winning a license.
But there’s a catch: every Delaware cannabis license application must meet all of the OMC’s requirements. This is no small feat, as you’ll need to put together all of the following:
- A comprehensive business plan covering budget, financial projections, success potential, experience, training, and expertise.
- Detailed plans for security, safety, and preventing product diversion.
- Operational plans that outline staffing, social responsibility, and work environment strategies.
- Cultivators and manufacturers are required to submit an environmental and sustainability plan.
Any errors in the application or supporting documents could result in a disqualification from the lottery. Be sure to reach out to CannDelta for support to ensure your application(s) make their way into Delawares cannabis license lottery!
Strategy 2: Collaborate with Partners
Another effective way to improve your chances is by collaborating with partners. While each individual or entity can submit only one application per county, there’s no limit to how many partners you can have. This means you can significantly multiply your chances by forming partnerships. You could work with a spouse, friends, family, or really anyone else you trust!
For this strategy to work, your partners will have to create their own entity and submit an application in every county. If any of these partners win a license, you can join their license or have them transfer it to you.
Be selective of who you choose as partners, and create a solid legal agreement outlining how equity will be distributed should one of your partners win a license. Clear, legally binding agreements can prevent future conflicts and ensure that all parties are on the same page regarding the terms of the partnership.
Strategy 3: Leverage Social Equity Status
Declaring social equity status with the OMC can provide a substantial advantage, but only if you qualify. Delaware has allocated half of its cannabis licenses specifically for social equity applicants. Given that the pool of social equity applications is likely to be smaller than the general pool, those who qualify will have better odds of winning a license.
If you meet one of the following criteria, you qualify for social equity:
- Lived for at least 5 of the last 15 years in an area significantly impacted by high rates of arrest, conviction, and incarceration for marijuana sale, possession, use, cultivation, manufacture, or transport.
- Was convicted of a Delaware marijuana-related offense before April 23, 2023.
- Has a close family member such as a parent, legal guardian, child, spouse, or dependent, who was convicted of a marijuana-related offense in Delaware before April 23, 2023.
If you think you might qualify for social equity status, it’s worth exploring this option as part of your application strategy.
Strategy 4: Work with Experienced Cannabis Consultants
The Delaware cannabis license application process is not only competitive but also highly detailed and specific. The stakes are high, and any missed step could cost you a chance at securing a license. Because of this, it’s crucial to work with cannabis professionals who have a deep understanding of Delaware’s regulatory environment and experience in preparing applications.
CannDelta can guide you through every step of the process, from preparing your Delaware cannabis application to ensuring it meets all the OMC’s requirements. We can advise on how to best increase your chances and ensure you’re utilizing all that’s available to you.
Working with a knowledgeable team like CannDelta can provide peace of mind and increase the likelihood of a successful outcome.
Why Contact CannDelta Today?
This opportunity is time-sensitive, with the current application window closing on September 30!
If you want to become one of Delaware’s only cannabis business owners, make sure your Delaware cannabis application is submitted before the deadline.
Take action now to maximize your chances of winning a Delaware marijuana license and establishing your place in this exciting and emerging market! We assist with all license types, including the Delaware cultivation license.
Be sure to use all four strategies to maximize your chances at winning the Delaware cannabis licensing lottery. The lottery will be competitive due to it’s high profitability.
Fill out the form below to connect with our Delaware cannabis consultants today!
Frequently Asked Questions
When is the Cannabis License Lottery in Delaware?
An official date for the cannabis license lottery in Delaware has not been announced. However, the application window closes on the September 30, 2024, which means the lottery will likely be held in the months following.
How Many Cannabis Licenses are in Delaware?
There will be 125 marijuana licenses issued in Delaware. This is broken into 60 cultivation licenses, 30 manufacturing licenses, 30 retail licenses, and 5 testing facilities.
How do I Get a Cannabis License in Delaware?
You can get a cannabis license in Delaware by submitting an application to the OMC. This involves submitting the following before Septmber 30, 2024.
- A comprehensive business plan, including a budget, financial projections, success probability, experience, training, and expertise.
- Detailed plans for security, safety, and product diversion prevention.
- Operational plans with staffing details, a social responsibility plan, work environment strategies, and other key elements.
- An environmental and sustainability plan for cultivators and manufacturers.
What Marijuana Licenses are in Delaware?
There will be a license for cannabis cultivation, manufacturing, retail dispensaries, and testing labs. These licenses will be awarded by lottery following the application window closing on September 30, 2024. There will be 60 cultivation, 30 manufacturing licenses, 30 retail licenses, 5 testing facility licenses.
