Funding now available for cannabis related businesses

06/02/2023| Samantha Foley

Funding now available for cannabis related businesses

06/02/2023 | Samantha Foley

Maryland Commerce has announced that applications are now being accepted for the first round of funding available through the Cannabis Business Assistance Fund. The funds will help small businesses and entrepreneurs participate in Maryland’s upcoming adult-use cannabis program.

“The Cannabis Business Assistance Fund will help ensure more equitable footing as our medical cannabis license holders transition to recreational marijuana use in Maryland,” said Governor Wes Moore. “The fund promotes equitable economic growth and will empower our small, minority, and women-owned businesses to have a greater stake in this growing industry.”

The first round of funding is offered through the Medical Cannabis License Conversion Fee Assistance grant. The grant will help existing medical-use licensees with costs of converting to adult-use licenses.

Applications will be accepted on a rolling basis through June 30. For more information and to apply online, visit the Maryland Department of Commerce Cannabis Business Assistance Fund  web page.

A second round of applications will open on August 1, and will focus on ensuring that eligible licensees that received pre-approval have the resources needed to become operational and participate in the medical and adult-use cannabis industry.

Future funding opportunities will also be offered to: Historically Black Colleges and Universities for cannabis-related programs; to businesses applying for licenses; and to business development organizations, including incubators. Funding will also be available to train and assist small businesses, including minority and women business owners and entrepreneurs who are seeking to become licensed.

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