Maryland Grants Boost Cannabis Equity

Maryland Opens <a href="https://leafyleaks.com/tag/funding/" class="st_tag internal_tag " rel="tag" title="Posts tagged with Funding">Funding</a> for Social <a href="https://leafyleaks.com/tag/equity/" class="st_tag internal_tag " rel="tag" title="Posts tagged with equity">Equity</a> <a rel="nofollow" title="Cannabis" href="https://en.wikipedia.org/wiki/Cannabis">Cannabis</a> Businesses

Maryland Opens Funding for Social Equity Cannabis Businesses

Supporting Social Equity ApplicantsDriving Innovation and Economic GrowthFuture Funding Rounds and InitiativesConclusion

Supporting Social Equity Applicants

As Maryland officials oversee the rollout of marijuana sales, a second round of funding opens to assist social equity businesses with operational costs. The Department of Commerce (DOC) will accept applications for $40 million in grant funding from pre-approved social equity applicants starting on August 1. Grant recipients can receive up to $5 million each, choosing between a lump sum or a zero-interest loan repayable over five years.

Driving Innovation and Economic Growth

With a collaborative approach, the DOC aims to drive , creation, and positive change in Maryland’s cannabis industry. Secretary Kevin Anderson highlights the equitable rollout of the Cannabis Business Assistance Fund as a catalyst for growth and conversation.

Future Funding Rounds and Initiatives

Maryland officials have planned future funding rounds to support cannabis-related programs at Historically Black Colleges and Universities, businesses applying for licenses, and business development organizations. Funding will also be available to train and assist small businesses, including minority and women business owners and seeking participation in the cannabis industry.

Conclusion

Since the opening of the adult-use market in Maryland, the state has witnessed over $10 million in sales across recreational and medical programs. The focus on equity, economic growth, and new demonstrates Maryland’s commitment to leading the cannabis industry’s evolution.

Malvin Felix
I'm Malvin, a cannabis news enthusiast who finds joy in staying updated about the latest industry trends. My passion led me to become a dedicated writer, entrepreneur, and investor in the cannabis space. Through my writing, I aim to educate and spark discussions, while my entrepreneurial ventures and strategic investments reflect my commitment to driving positive change in the industry.

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