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Second round of funding announced for Maryland cannabis businesses

07/10/2023| Karen Glenn Hood



Article Topics:

Diversity and InclusionAgribusinessLife SciencesBusiness ResourcesSmall Business

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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RELATED STORIES

Funding now available for cannabis related businesses

06/02/2023



Funding for child care providers now available

10/06/2022



New funding available for Maryland’s rural regions

02/18/2022



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