Mass. launches $25M fund looking to boost social equity cannabis companies
Photo | Courtesy of Paper Crane Provisions
Paper Crane Provisions, an outdoor cannabis farm in Hubbardston, participated in the state's social equity program.
Massachusetts has launched the Cannabis Social Equity Grant Program, an effort through the state’s Cannabis Social Equity Trust Fund to make up to $25 million in grants available to cannabis business owners who come from communities disproportionately harmed by enforcement of past marijuana laws.
The announcement of this round of funding comes after an earlier, smaller round of $2.3 million in immediate-needs funding released in April, which seeked to support social equity businesses dealing with mounting financial pressure. That funding assisted 11 Central Massachusetts social equity companies with a total of $530,000, but several had expressed fears of another fiscal cliff if more funds weren’t released in time.
This round of funding will see grants ranging from $25,000 to $500,000 awarded to eligible recreational and medical cannabis business licenses holders, as well as cannabis entrepreneurs who are looking to navigate the complexities of the state and local licensing process.
The program is funded by a portion of cannabis sales taxes brought in by the state and is overseen by the state’s Executive Office of Economic Development.
“The Cannabis Social Equity Grant Program demonstrates the Commonwealth’s continuing objective to promote equitable participation in the cannabis industry,” Rep. Dan Donahue (D-Worcester), co-chair of the legislature’s Joint Committee on Cannabis Policy, said in a Tuesday press release from the EOED.
Massachusetts was the first state to legalize cannabis with provisions seeking to create pathways into the newly legalized industry for individuals impacted by disproportionate enforcement of the War on Drugs.
The deadline to apply is Oct. 17. The application can be found here.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
EDITOR'S NOTE: This article has been updated to include the application deadline and a link to apply.
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