Maryland officials are overseeing the launch of recreational marijuana in the state and they are also opening a new round of funding for social equity cannabis businesses to assist with the operational costs of their shops.
The Department of Commerce of the State announced Monday that applications will be opened for the $40 Million in grant funding available to applicants who are interested in social equity, with pre-approval beginning August 1. The money comes from the Cannabis Business Assistance Loan. This was created under a Cannabis Regulation Bill that Governor Wes Moore (D) signed. Wes Moore, a Democrat, signed the bill in May.
Before, regulators had already accepted applications to grant grants through the same fund in order to assist existing medical marijuana businesses to convert to dual licensees who can serve the adult market.
This latest funding batch is for social equity licensees that held stage one approval for a license prior to October 1, last year, and were not operational by August 1.
In a press statement, the Governor stated that “the cannabis industry is rapidly evolving and we want to ensure that Maryland leads this new chapter of economic growth and equity.” By focusing on social equity applicants for this round of funding, we can ensure that investments are made towards businesses in historically underserved communities, ultimately providing new opportunities to residents across Maryland.
The applicants will be required to give information on how they plan to use the funds and when they expect to start operating with the financial assistance. The grant will be paid in a lump-sum or as a loan with no interest that the applicant would repay over a period of five years. The grant recipients can receive up to five million dollars each.
Kevin Anderson , Secretary of the DOC, said that “reforming Maryland’s marijuana industry has been a collaborative process with partners in communities across the state.” By having an equitable rollout for the state’s Cannabis Business Assistance Fund we will continue to grow the conversation, while driving innovation and job creation in the industry.
The deadline for applications to the new grant program is September 1.
Maryland officials plan to fund cannabis-related programs in Historically Black Colleges and Universities. They will also support businesses that are applying for licenses and organizations like incubators.
The Department of Commerce (DOC) said that funding will be available for small businesses, women and minority business owners, and entrepreneurs seeking to obtain a license to operate in the adult-use marijuana industry.
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Maryland’s adult-use market opened on July 1. The state saw more than $10 Million in sales in the recreational and medical program during the opening weekend.
Nearly 100 medical cannabis dispensaries in the state have been approved for dual licenses to serve adult customers. Maryland Cannabis Administration (MCA), meanwhile, announced that it had collected $15 million from these facilities in licensing conversion fees. These funds will go to the community reinvestment fund. The Maryland Cannabis Administration (MCA) plans to distribute another $45,000,000 from these fees over the next year.
MCA published a first set of rules for the industry in May to the Joint Committee on Administrative, Executive, and Legislative Review. This was a crucial step to establish the new industry.
The 41-page document outlines definitions, codifies possession limits for individuals, explains licensing protocols, including for applicants who are social equity, clarifies authorities for enforcement and penalties, and details packaging and labeling regulations.
The House Cannabis Referendum and Legalization Workgroup was created in 2021 by Speaker Adrienne J. Jones (D).
After the voters approved the legalization referendum in the last election, was triggered to implement complementary legislation that covered basic policies such as possession and low level home cultivation.
A separate law took effect in this month which prohibits police officers from searching based solely on the smell or possession of marijuana. Another law which came into effect prohibits state officials from construing the responsible and lawful use of cannabis by parents or guardians as “neglect.”
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The article Maryland Announces a $40 million program to help marijuana social equity businesses open shop first appeared on Marijuana Moment.
