[ad_1]
 |
BOSTON — The Executive Office of Economic Development (EOED) has launched the Emergency Needs Grant Program, the first program to provide financial assistance from the state’s Cannabis Social Equity Trust Fund.
The new grant program, the first of its kind in Massachusetts, will provide financial assistance to cannabis entrepreneurs in communities that have been disproportionately harmed by marijuana prohibition and enforcement. This program aims to increase equity and opportunity within the state’s regulated marijuana industry.
This funding round will make $2.3 million available to support eligible cannabis business license holders with urgent financial needs. This will be the first of several programs that will be launched as additional resources become available in the trust fund.
“The Cannabis Capital Fund was created to ensure that communities disproportionately harmed by cannabis regulation have equal opportunity to engage in this new industry,” said Governor Maura Healey. “The programs made possible by this fund underscore our commitment to supporting social equity businesses and will help strengthen our industry and economy.”
Congress enacted legislation to make the program possible in August 2022. As part of the fiscal year 2023 supplementary budget passed in November 2023, the Healey-Driscoll administration partnered with Congress to resolve technical issues affecting the funding mechanism.
EOED is responsible for managing the Fund in consultation with the Cannabis Social Equity Advisory Board. The Cannabis Social Equity Advisory Committee met five times in 2023 to help inform the trust fund’s regulation and program development.
“Over the past year, I have had the privilege of engaging with my fellow board members in educating, advising, and debating important, strategic, and informative topics and areas that we believe should be considered when regulating funds and the application process. It was an honor to be involved,” said Keisha Bryce, Chair of the Cannabis Capital Advisory Committee. “The Social Equity Trust Fund will play an important role in keeping Massachusetts’ promise to support people and communities disproportionately affected by the war on drugs. What they have drafted is a “fair process that is fair, fiduciary, and leaves room for growth as the industry evolves, and we will learn from this initial process.” I look forward to our continued efforts to impact what equity looks like in Massachusetts.”Massachusetts and I are committed to continuing to advocate for change because there is more work to be done. I encourage everyone to do so. ”
The Cannabis Social Equity Trust Fund was created under MGL Section 94G to encourage entrepreneurs from communities disproportionately harmed by marijuana prohibition and enforcement to fully participate in the state’s regulated marijuana industry. Chapter: Established by Section 14A.
The Emergency Needs Grant Program will distribute grants from the Cannabis Social Equity Trust Fund to social equity entrepreneurs and businesses in Massachusetts. EOED plans to launch additional programs in the second half of 2024 to further support social equity in the cannabis industry.
[ad_2]
Source link
