The state’s plans to help improve the industry are starting to take root
Finding traditional sources of funding is a difficult task in the cannabis industry, especially for those with small businesses. The nature of the marijuana industry and its illegal federal status creates many obstacles today. However, Colorado, known as one of the longest-running markets in the cannabis industry, now wants to provide some extra help.
The Office of Cannabis Business, within the Colorado Office of Economic Development and International Trade, announced last week that 27 businesses were chosen to get extra money to continue operating in a functional manner. $750,000 in cannabis business grants could now be the help many have been looking for.
The program was launched as a pilot in 2022, and now Colorado is ready to take the next step. Officials said they are looking to continue the initiative on an ongoing basis so that small businesses in the industry can have a smooth path to growth.
According to the release, the Cannabis Business Grant, with support from the Marijuana Tax Cash Fund, aims to create “equity and diversity within the state’s cannabis industry,” according to the release.
There will be two forms of funding. One is $25,000 in foundational grants to support start-up needs. And the second will be focused on growth grants to help existing cannabis businesses that are expanding or refining their operations with a $50,000 fund.
“This important program will provide funding and resources that support Colorado’s cannabis businesses as they launch and as they grow,” Eve Lieberman, OEDIT Executive Director, said in the release. “The increased interest in Cannabis Business Office resources demonstrates the need for and the impact these opportunities will have, saving small business owners money and fostering a thriving and equitable cannabis industry.”