Second round of funding announced for Maryland cannabis businesses

07/10/2023| Karen Glenn Hood

Second round of funding announced for Maryland cannabis businesses

07/10/2023 | Karen Glenn Hood

A second round of funding for the state’s Cannabis Business Assistance Fund will open on August 1.

This round of funding will help support social equity licensees who held a stage one pre-approval for a license before October 1, 2022 and are not yet operational by August 1, 2023. Up to $5 million is available for each awardee.

“The cannabis industry is evolving quickly and we want to make sure that Maryland helps lead this new chapter of equity and economic growth,” said Governor Wes Moore. “By focusing this round of funding on social equity applicants, we can ensure investments go towards businesses in communities that have been historically overlooked, and ultimately provide new opportunities for residents throughout Maryland.”

Future rounds of funding will be offered to Historically Black Colleges and Universities for cannabis-related programs; to businesses applying for licenses; and to business development organizations, including incubators.

“By having this equitable rollout of the state’s Cannabis Business Assistance Fund, we will continue growing the conversation while driving innovation, job creation, and positive change throughout the industry,” said Maryland Commerce Secretary Kevin Anderson.

Read the full announcement

Photo courtesy of Columbia Care

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