To participate in Connecticut’s Cannabis Angel Tax Credit Program, the Qualifying Cannabis Business (QCB) must be:
- A person(s) who has applied for a social equity license for a cannabis establishment that is at least 65 percent owned and controlled by an individual or individuals who:
- (A) had an average household income of less than 300 percent of the state median household income over the three tax years immediately preceding the application; and
- (B) (i) was a resident of a disproportionately impacted area for not less than five of the 10 years immediately preceding the date of such application; or (ii) was a resident of a disproportionately impacted area for not less than nine years prior to reaching 18 years of age.
- A cannabis business that has been granted a license or a provisional license from the Social Equity Council.
- The Social Equity Council is a 15-member organization whose goal is to ensure that the state’s cannabis program is grown equitably and that funds from the program are returned to the communities that have been hit the hardest by the War on Drugs.
If your business meets the requirements above, your business is eligible to apply to the Cannabis Angel Tax Credit Program. You must meet the following additional requirements:
Cannabis Business Qualification (QCB) Requirements
- Gross revenues of under $1 million in the most recent income year.
- Fewer than 25 employees with at least 75 percent of employees who are Connecticut residents.
- Primarily owned by the management of the business and their families.
Received less than $2 million in eligible investments from angel investors. Cannabis companies, or “establishments,” are defined as: a producer, dispensary facility, cultivator, micro-cultivator, retailer, hybrid retailer, food and beverage manufacturer, product manufacturer, product packager, delivery service or transporter of cannabis.