Maryland officials are now accepting applications for grants to help existing medical marijuana businesses convert into dual licensees that can serve the adult-use market when legalization takes effect next month.
Also, as regulators publish new guidance for the industry, the Department of Commerce (DOC) announced that, starting on August 1, it will additionally be taking applications for grants and loans to support market participation from social equity licensees by providing startup capital and covering operational costs.
The Cannabis Business Assistance Loan/Grant Fund (CBAF), which was established under a cannabis regulations bill that Gov. Wes Moore (D) signed last month, will further provide grants to Historically Black Colleges and Universities (HBCUs) for “cannabis-related programs” like business development and training initiatives.
“The Cannabis Business Assistance Fund will help ensure more equitable footing as our medical cannabis license holders transition to recreational marijuana use in Maryland,” Moore said in a press release. “The fund promotes equitable economic growth and will empower our small, minority, and women-owned businesses to have a greater stake in this growing industry.”
For the first round of assistance, the department said that it is accepting applications for Medical License Conversion Fee grants that will cover application costs for existing
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