The Cannabis Business Office announces third round of grants for social equity cannabis businesses
The Cannabis Business Office is excited to announce the third round of grant award applications for social equity cannabis businesses. The application will open on July 31, 2023 and close on August 31, at 5:00 PM. These grants offer a funding opportunity to support entrepreneurs in launching and growing their small business to promote social equity, innovation, and job creation in the cannabis industry.
Social equity licensed cannabis businesses who have been awarded or are in the process of applying for a regulated business license from the Marijuana Enforcement Division may apply.
Eligible businesses are now divided into three categories. The Foundational and Growth categories have the same qualifying criteria as they did for previous grant rounds (see table below). To qualify, a business must meet at least TWOof the following criteria:
Foundational - maximum award of $25,000
have 1 - 5 employees
have an annual revenue less than $500,000
have been in operation for less than 1 year
Growth - maximum award of $50,000
have 6 to 15 employees
have an annual revenue of $500,000 to $3,000,000
have been in operation for more than 1 year
We are also excited to announce the Foundational Plus category. Foundational Plus grant applicants must have received a Foundational grant awarded previously and must currently be operational. In addition to these mandatory criteria, to qualify, a business must meet ONEof the following additional criteria:
Foundational Plus - maximum award of $20,000
have added at least 1 FTE;
have an annual or annualized revenue of at least $250,000; or
the grant project proposal is written so that the funds are utilized to assist in hiring of staff (Note: This can include proposals that expand the business’s capacity to hire an additional employee)
MJBizCon is a cannabis business conference and trade show held annually in Las Vegas. Over 30,000 members of the cannabis industry attend every year to learn at forums, attend expos, and connect with other cannabis industry executives and staffers from across the world.
This year, MJBizCon is offering a Social Equity Scholarship Program, aimed at giving social equity license holders access to the conference - to make valuable connections, gain insights, and find the right solution providers in the expo hall that will give them the best opportunity to be successful.
The scholarship application is now open and will close on July 24, 2023. Visit MJBizCon's website for more information and to apply.
The bill Governor Polis signed strikes language from an existing statute that explicitly prohibits cannabis from being sold on the internet, while adding regulations to provide for online commerce. The new legislation aims to reduce cash in the cannabis industry. Adults will still be required to physically pick up cannabis products from the retailer.
Denver’s Department of Excise and Licensing (DEL) recently released a report showing which city neighborhoods are over-concentrated with dispensaries and cultivation facilities. No new retail stores or cultivation centers can open in these neighborhoods or transfer into them while they remain oversaturated and on DEL’s list.
As Colorado’s marijuana industry suffers through a recession, the Marijuana Enforcement Division is running out of money. To continue operating, the MED’s new proposal will increase the majority of marijuana businesses licensing fees by about 8% on average. Notably, under this proposal, social equity operators would have their initial license and first renewal fees reduced by almost 75%.
Governor Polis signed a bill to bolster cannabis-related protections for working professionals in the state. The new legislation prohibits regulators from denying or revoking professional certifications, registrations, or licenses to people based solely on prior civil or criminal violations over cannabis-related activity that since has been made legal in Colorado.
Tetra Lounge, one of Denver’s first cannabis-friendly smoking lounges, is preparing to reopen this summer. Owner Dewayne Benjamin, a social equity licensed cannabis business owner, transformed an outdoor patio into the primary smoking area as he works to upgrade the business’s indoor ventilation system. Benjamin expects to begin welcoming tokers back to his spot in early July.
Cannabis Business Office, 1600 Broadway, Suite 2500, Denver, CO 80202, United States, (303) 892-3840
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