John SchroyerThe state of Massachusetts is poised to distribute more than $27 million in funds among social equity cannabis businesses, after a fund dedicated to supporting such companies got a cash infusion earlier this year.
The state Cannabis Social Equity Trust Fund was originally underfunded due to a technical glitch and received only $2.3 million by last December, despite having been created by the legislature in 2022, State House News Service reported.
That initial $2.3 million was given out in $20,000 and $50,000 increments to 50 different Massachusetts social equity cannabis businesses to help pay for “payroll, rent, professional services, regulatory fees and debt service,” according to a state report.
In February, after state lawmakers fixed the glitch, the fund received an injection of $27.4 million, a first of annual cash transfers to come, and now, the state Executive Office of Economic Development is making plans to broaden eligibility criteria for financial assistance, State House News Service reported. A new new round of grant funding is being planned, but no dates or details are available yet.
The fund’s balance was $27.3 million at the end of June.
Those eligible for financial help include license applicants who have yet to win permits, and the money will also be used for “enhanced support to licensed social equity cannabis businesses with operational or capital needs,” the EOED said.
