Maryland is offering grants and loans to help existing medical marijuana companies move into the state’s impending adult-use cannabis market.
The funding announced June 1 by the Maryland Department of Commerce will be offered in two initial rounds:
Grants to help with the cost of license conversion from medical to recreational. Grants or loans of “startup capital and operating expenses” to help social equity licensees become operational.
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The first round of funding for license conversion includes grants of up to $25,000 for dispensary licensees and up to $50,000 for processor and grower licensees, prioritizing “license owners located in areas that were disproportionately impacted by the enforcement of cannabis prohibition.”
Eligible existing license holders must be considered a small business with no more than 50 employees, and “at least 51% of the business’ owners must have a personal net worth not exceeding $1.7 million.”
Grant
Read full article on Marijuana Business Daily
