Minority-owned cannabis businesses are eligible for up to $500,000 apiece in grants from the Cannabis Social Equity Trust Fund, a state-funded pot that redistributes 15 percent of marijuana sales taxes to entrepreneurs from communities disproportionately harmed by the war on drugs.
Both aspiring marijuana licensees and existing operators that hold the state’s social equity or economic empowerment designation will be eligible for grants starting at $25,000. Applications close on October 17.
Keisha Brice, chairwoman of the Cannabis Social Equity Advisory Board, said up to $25 million is on the table for businesses, who will ultimately be chosen by the Executive Office of Economic Development.
The board exists to “shape and influence what social equity should look like, while also helping to shine light on why these types of programs are crucial for the industry and the marginalized people and communities they serve,” Brice said in a a statement. “Today I can proudly say, that this grant program is a positive result of those efforts and commitment.”
The fund hit a rocky start when it sat empty for more than a year after it was created by the Legislature in 2022, due to an issue transferring from the state budget. A temporary fix — dubbed the Immediate Needs Grant Program — distributed 50 grants, ranging from $20,000 to $50,000, in April.
Now businesses that previously received money from the fund can receive a second grant.
Chris Fevry, founder of the cannabis delivery company Your Green Package, called the release of the fund “monumental,” as Massachusetts continues to lead the way on social equity within the marijuana industry.
“It’s a big moment, a culmination of the hard work from advocates, oeprators, and community stakeholders,” said Fevry, also member of the social equity board. “Cannabis social equity will improve and have a better opportunity because of this money.”
H/T: www.bostonglobe.com
