As Maryland officials oversee the rollout of recreational marijuana sales in the state, they’re also opening a second round of funding to help social equity cannabis businesses with operational costs to open their shops.
The state Department of Commerce (DOC) announced on Monday that it will be opening applications for the $40 million in grant funding to social equity applicants with pre-approval starting on August 1. The money will come from the Cannabis Business Assistance Loan, which was established under a cannabis regulations bill that Gov. Wes Moore (D) signed in May.
Previously, regulators have already been accepting applications to provide grants through the same fund to help existing medical marijuana businesses convert into dual licensees that can serve the adult-use market.
This latest batch of funding is for social equity licensees who held stage one pre-approval for a license before October 1 of last year and are not yet operational by August 1.
“The cannabis industry is evolving quickly and we want to make sure that Maryland helps lead this new chapter of equity and economic growth,” the governor said in a press release. “By focusing this round of funding on social equity applicants, we can ensure investments go
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