In our Spotlight on Business Report.

The wait is finally over for business owners hoping to open cannabis consumption lounges.

The Cannabis Regulatory Commission announced last week certain business owners can begin applying to open a new lounge in the New Year.

First, the CRC will accept applications from social equity designated businesses on January 2nd.

Those are businesses owned by men or women who had cannabis related convictions or live in economically disadvantaged areas.

Next stop businesses owned by minorities, women or disabled veterans will be able to apply on April 2nd.

All other applicants can begin in July.

Now there's no cap on the number of consumption lounges allowed in the state.

Smaller businesses must pay a $1,000 annual licensing fee, while larger businesses will owe $5,000.

The CRC says these consumption lounges are important to the state's marijuana industry because many adults, especially renters, can't use cannabis in their homes.

At its final meeting, the CRC also announced it would increase the social equity excise fee to 250 an ounce, an increase of more than a dollar per ounce.