WBFF — Governor Wes Moore announced a new round of funding through the Maryland Department of Commerce’s Cannabis Business Assistance Fund.
This marks the fourth financing round aimed at bolstering small businesses and entrepreneurs in Maryland’s adult-use cannabis industry.
“Our administration is proud to support this next round of Cannabis Business Assistance grant funding, which builds on our progress of diversifying the cannabis industry in Maryland,” said Gov. Moore. “When we enhance equity and economic growth across our business community, we see returns that impact our entire state.”
The grant funding will be available to new social equity cannabis business licensees, selected through the Maryland Cannabis Administration’s lottery system last year. More than 200 applicants were chosen across various categories, including micro and standard growers, processors, and dispensaries. Maryland was the first state to exclusively open a cannabis licensing round for qualifying social equity applicants in all license types.
“The Cannabis Business Assistance Fund continues to invigorate the small, minority, and women-owned business community throughout our great state,” said Maryland Commerce Secretary Harry Coker, Jr. “By partnering with the Maryland Cannabis Administration and the Maryland Office of Social Equity, we can ensure more opportunities become available for entrepreneurs as we invest in this growing industry.”
Maryland Cannabis Administration Director Tabatha Robinson highlighted the fund’s role in supporting business expenses such as employee training, equipment, location buildout, payroll wages, and utilities. “The Maryland Cannabis Administration has worked to mitigate the risks for these businesses by providing guidance and resources throughout the licensing process,” she said.
Previous funding rounds have assisted existing medical-use licensees with converting their licenses to adult-use and supported social equity licensees with pre-approval prior to October 2022. The program has awarded over $45 million to support entrants into Maryland’s cannabis market.
“Startup funding is one of the most critical needs for newly licensed cannabis businesses,” said Maryland Office of Social Equity Executive Director Audrey Johnson. “The Cannabis Business Assistance Fund helps level the playing field by providing the early capital that social equity entrepreneurs need to establish and grow in Maryland’s cannabis industry.”
Details on eligibility, application deadlines, and program requirements are available on the Maryland Department of Commerce’s website.
Governor Wes Moore announced a new round of funding through the Maryland Department of Commerce’s Cannabis Business Assistance Fund.This marks the fourth finan Read More
