C3 Natick LLC, Cypress Tree Management and Revolutionary Clinics were selected as finalists from among eight businesses that submitted applications.

NATICK — Thee finalists will vie for two available licenses to open a retail marijuana business in Natick, according to James Freas, the town’s director of community and economic development.

C3 Natick LLC, Cypress Tree Management and Revolutionary Clinics were selected as finalists from among eight businesses that submitted applications. A five-member panel consisting of four town officials and one resident representing the Select Board winnowed the submissions to three.

A prior policy approved by the Select Board limits the number of available retail marijuana licenses to two in order to not exceed 20% of the number of liquor licenses in town.

Each finalist will hold a virtual public meeting sometime next month so residents can give feedback on the companies and their proposed locations, Freas said.

Proposed locations include 42 Worcester St. for C3 Natick LLC; 321 Speen St. at the Cloverleaf Mall for Cypress Tree Management; and 6 Worcester St. — current location of Nine-East Wine Emporium — on Rte. 9 eastbound, the preferred location for Revolutionary Clinics.

Freas said the group hopes to recommend two businesses to the Select Board for approval in early October. The board must then negotiate a host community agreement with those companies, and approval is necessary from the state Cannabis Control Commission.

The companies that didn’t make the cut include Justice Grown; Phytotherapy, Inc.; reLeaf Alternative; Royalty Group; and Strain LLC.

Group members who selected the three finalists, include Freas; Police Chief James Hicks; Public Health Director Jim White; Deputy Town Administrator James Errickson; and Select Board designee David Jackowitz.

Four factors determined the finalists, Freas said — viability of each proposed location; level of experience operating an adult-use marijuana establishment; the town’s ability to work with the company; and Natick’s desire to have the two licenses awarded to companies that will operate in separate geographical locations.

C3 Natick LLC

The Michigan-based company has cultivation, processing and retail marijuana locations in Michigan, Missouri and Oregon. Currently, the company is building a 37,000-square-foot marijuana cultivation and processing facility in Franklin, after receiving a provisional license from the state Cannabis Control Commission.

It plans to invest $1.5 million to build a Natick location that will generate 35 full- and part-time jobs. Its proposal includes an annual community impact payment to Natick of 3% of gross revenues, plus a $25,000 annual payment for equipment and supplies for the Natick Police Department and special projects related to the Natick 2030+ Master Plan. That $25,000 payment would continue for at least five years.

Cypress Tree Management

“Redi” is the name that will be on the company’s marquee, should it get one of the two licenses. The company’s application touted its local connections, including Todd Finard, one of Cypress Tree’s founding partners who owns the 9/27 Shopping Plaza on Rte. 9 in Natick.

The east end of the Cloverleaf Mall would be the Redi location, and the company’s proposal includes annual payments to Natick that include 3% of gross revenue, and at least $2,500 to public charities or private nonprofits, an amount that would increase 5% annually.

Revolutionary Clinics

The company proposes to buy the Nine-East Wine Emporium, and share ownership and operational responsibilities with the Emporium owners. Currently, Revolutionary Clinics owns three retail marijuana locations in Cambridge and Somerville, plus a marijuana cultivation and processing facility in Fitchburg.

The company’s proposal includes $1.5 million to redesign the Emporium, 25 new jobs and $18 million in annual revenues. Payments to Natick would include $1 million annually in fee and sales taxes, plus a total of $30,000 annually to three local entities — Natick Veterans Services, Friends of Natick Trails and The Center for Arts in Natick.

Testing company

Meanwhile, Kaycha Labs, a cannabis and hemp testing company based in Davie, Florida, will hold a virtual public hearing on Monday to solicit community feedback on its proposal to build a new lab at 16 Tech Circle. The company’s proposal was reviewed by the same group that oversaw the eight retail marijuana proposals.

Kaycha Labs operates eight locations in Florida, California, Colorado, Kentucky, New York, Oklahoma and Tennessee.

Henry Schwan is a multimedia journalist for the Daily News. Follow Henry on Twitter @henrymetrowest. He can be reached at hschwan@wickedlocal.com or 508-626-3964.