In a bid to level the playing field and stimulate equitable growth within the burgeoning cannabis sector, the Maryland Department of Commerce has made a striking announcement. Applications are now open for the inaugural round of funding through the highly anticipated Cannabis Business Assistance Fund.
A Green Opportunity for Maryland’s Small Businesses and Entrepreneurs
Designed to bolster the capacity of small businesses and entrepreneurs, the fund will facilitate their seamless transition into Maryland’s adult-use cannabis industry. “The Cannabis Business Assistance Fund stands as a testament to our commitment to equitable economic development,” expressed Governor Wes Moore. The scheme champions the cause of small, minority, and women-owned businesses, promising them a fair stake in the industry’s expanding horizon.
Grant Availability and Eligibility
The initial assistance made available via the fund takes the form of the Medical Cannabis License Conversion Fee Assistance grant. This grant aims to aid existing medical-use licensees in the costly process of transitioning their license to an adult-use permit. Processor and grower licensees may be eligible for a grant of up to $50,000, while dispensary licensees could receive up to $25,000.
Primacy will be given to license owners situated in areas disproportionately affected by cannabis prohibition laws. Small businesses with 0-50 employees and business owners with a personal net worth not exceeding $1.7 million form the core of the eligibility criteria.
Future Avenues of the Fund
The second round of applications, opening on August 1, is engineered to ensure that eligible social equity licensees, who received stage one pre-approval before October 1, 2022, have adequate resources to become operational. Future funding will also extend to Historically Black Colleges and Universities, license applicants, business development organizations, and small businesses, including minority and women entrepreneurs seeking licensing.
Kevin Anderson, the Secretary of the Maryland Department of Commerce, underlined the significance of this fund as a pivotal step towards reducing barriers and creating equitable opportunities.
Application submissions will be accepted until June 30. Interested parties can access more details or apply directly through the Maryland Department of Commerce Cannabis Business Assistance Fund website.
For any queries, reach out to cannabis.financing@maryland.gov.
Explore more at commerce.maryland.gov.
