Cannabis equity trust fund set to award $2.3M
Photo | Courtesy of Green Meadows
A cannabis flower strand known as Canuk Cookies growing at Green Meadows' cultivation facility in Southbridge.
Applications for the first grants from a new fund meant to support cannabis entrepreneurs in communities disproportionately harmed by the War on Drugs are due next month, with $2.3 million available to help qualified business licensees with urgent financial needs.
The Executive Office of Economic Development announced Tuesday that it was launching an "Immediate Needs Grant Program" to provide financial assistance from the state’s Cannabis Social Equity Trust Fund. Several other programs are expected to launch, EOED said, "as additional resources become available in the Trust Fund." A virtual information session is planned for Jan. 30 and applications are due by Feb. 15.
"Through the Cannabis Social Equity Trust Fund, we’re rethinking access and opportunity within the marijuana industry," Secretary of Economic Development Yvonne Hao said. "This funding will establish a robust precedent for streamlining fair access to this industry."
The Legislature and Gov. Charlie Baker created a Social Equity Trust Fund in 2022 and called for it to be seeded it with 15 percent of the money in the Marijuana Regulation Fund, which itself is funded by revenue from the marijuana excise tax, application and licensing fees, and industry penalties. But a technical issue prevented the inflow of money to the trust fund until lawmakers made a change in the fiscal year 2023 closeout budget that Gov. Maura Healey signed in December.
The Cannabis Social Equity Advisory Board met five times last year to help draft regulations for the fund. Chair Keisha Brice said what the group produced "is a reflection of a fair process that is equitable, commits to our fiduciary responsibilities and still allows room for growth as the industry evolves and we learn from this initial process."
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