Maryland officials announced details about a technical assistance programme to support marijuana social equality applicants for the business licensing round which opens in November.
Maryland Cannabis Administration (MCA), Office of Social Equity, and Office of Cannabis Regulation (OSE) announced on Thursday that those who intend to apply for equity licenses will have the opportunity to attend sessions with experts and regulators to learn about the process before the 30-day period of application.
These sessions will be held at various events in the state beginning in October. They will cover topics such as business formation and partnership agreements, taxes, and finances.
We believe that knowledge, support and collaboration are powerful tools. In a press statement, Audrey Johnson, OSE’s Executive Director stated that the upcoming technical support events were more than informational sessions. They are a testimony to our commitment to empowering license applicants who are interested in social equity. Together, we will navigate the licensing process and open doors to opportunities which will shape Maryland’s marijuana industry for the best.
Maryland Department of Commerce announced Thursday that they have set the eligibility requirements for a new funding round of their Social Equity License Application Reimbursement grant program.
Equity applicants may apply to receive grant money “to offset the cost of accountants and attorneys, and other providers” of technical assistance. However, the department encourages people to use free resources first through MCA and OSE.
A description states that “under the program, social equality applicants who submit a cannabis licence application can receive up to 50% of the eligible application preparation cost with a maximum grant of $5,000.” The program includes consultant or advisory fees for writing a diversity plan, an operation plan and a business plan. It also covers costs associated with forming a business and determining the structure of the business.
Last month, DOC began accepting grant applications from applicants for social equity who have been pre-approved.
The same fund has been used to provide grants to existing medical marijuana businesses to convert them into dual-licensed companies that can service the adult market.
The resources are targeted and timely, since November 13 is the start of a 30-day period for applications to license marijuana businesses that will only be open to applicants who meet social equity criteria. MCA will accept 179 licensees in total, including 75 dispensaries and 16 growers, as well as 32 processors.
This will double the number in the state where only the existing medical marijuana dispensaries with dual licenses currently serve adult consumers.
In the first week of this month, regulators unveiled a portal that allows people to check their eligibility to receive a social equity license for marijuana businesses prior to regulators accepting applications.
Equity applicants are those who have owned at least 65 percent of their business by individuals who have lived in an “disproportionately affected area” (or designated “disproportionately affected area”) for at least five years of the past 10 years. The applicant must have also attended a Maryland four-year school or a Maryland public high school for at least 5 years.
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Maryland’s cannabis market is a hit since it opened in July. In August, the state had nearly $92 millions in marijuana sales. This is an increase over July’s receipts of $87 million. It was also more than twice the usual sales figures when the market only opened to medical patients.
Andrew Garrison, MCA’s Andrew Garrison, said in July the state was uniquely ready for the implementation the marijuana legalization laws. This followed a deep study by lawmakers and the approval of a reform proposal at the ballot this year.
Garrison, who is a regulator, said that officials are actively working on “cleanup bills” to adjust the regulations. He expects the legislature to take up this bill during the next legislative session.
MCA will hold what it calls “limited town halls” to discuss permanent regulations with stakeholders, such as dispensaries and growers, patient advocates, and others. This process will include public comment periods when the draft rules are published.
A Maryland tax official said recently that that the state had found an unusual workaround to use Wells Fargo to avoid clearly identifying cannabis tax revenue on financial documents–a practice that proponents of marijuana prohibition are protesting. They have asked a federal prosecutor for an investigation.
Separately, in July another Maryland law took effect that prohibits police from using odors or possession of marijuana as the sole basis for a search. Another law passed prohibits state officials from construing the responsible and lawful use of cannabis by parents or guardians as “neglect”.
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