Maryland Governor Wes Moore announced a new round of funding from the Cannabis Business Assistance Fund, aimed at supporting small businesses and entrepreneurs within the state’s adult-use cannabis sector. This is the fourth round of financing specifically designed to assist businesses striving for social equity in the cannabis industry.
Governor Moore stated, “Our administration is proud to support this next round of Cannabis Business Assistance grant funding, which builds on our progress of diversifying the cannabis industry in Maryland.” He emphasized that enhancing economic growth among various business communities will yield benefits for the entire state.
The latest round of grant funding targets new social equity cannabis business licensees, who were selected through a lottery system managed by the Maryland Cannabis Administration last year. Over 200 applicants were chosen from categories including micro and standard growers, processors, and dispensaries. Notably, Maryland was the first state to initiate a licensing round exclusively for social equity applicants across all license types.
Harry Coker, Jr., Secretary of Maryland Commerce, remarked, “The Cannabis Business Assistance Fund continues to invigorate the small, minority, and women-owned business community throughout our great state.” He added that collaboration with the Maryland Cannabis Administration and the Maryland Office of Social Equity will create more opportunities for entrepreneurs as they invest in this burgeoning industry.
Tabatha Robinson, Director of the Maryland Cannabis Administration, highlighted that the fund is crucial for covering essential business expenses, such as employee training, equipment purchases, facility buildout, payroll, and utilities. She noted that the administration has helped reduce risks for these businesses by providing guidance and resources during the licensing process.
Previous funding rounds have supported existing medical cannabis licensees in transitioning their licenses to adult-use and assisted social equity licensees with pre-approval before October 2022. To date, the program has allocated over $45 million to help new entrants into Maryland’s cannabis market.
Audrey Johnson, Executive Director of the Maryland Office of Social Equity, stressed the importance of startup funding for newly licensed cannabis businesses, stating, “The Cannabis Business Assistance Fund helps level the playing field by providing the early capital that social equity entrepreneurs need to establish and grow in Maryland’s cannabis industry.”
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