June 1st, 2023 by WCBC Radio
The Maryland Department of Commerce today announced that applications are now open for the first round of funding available through the Cannabis Business Assistance Fund. The fund, which will offer both grants and loans, will help increase small business and entrepreneur capacity to participate in Maryland’s adult-use cannabis industry. The first round of assistance offered through the fund is the Medical Cannabis License Conversion Fee Assistance grant, which will provide grants to help existing medical-use licensees with the cost of converting their license to an adult-use license. Processor and grower licensees are eligible for a grant of up to $50,000, and dispensary licensees are eligible for a grant of up to $25,000. Priority will be provided to license owners located in areas that were disproportionately impacted by the enforcement of cannabis prohibition. To qualify for a Medical Cannabis License Conversion Fee grant, a license holder must be a small business, defined as an existing license holder with 0-50 employees per license as of May 1, 2023, and at least 51% of the business’ owners must have a personal net worth not exceeding $1.7 million. 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 website.
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