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Committee Forwards $1.5M Cannabis Equity Grant for Local Businesses
Summary
The Budget and Finance Committee voted to forward a resolution accepting and expending a $1.5 million state grant for the Office of Cannabis’ Local Equity Grants Program, augmenting prior disbursements and technical-assistance supports for equity businesses.
The Budget and Finance Committee on May 3 voted to forward to the full Board a resolution authorizing the Office of Cannabis to accept and expend approximately $1.5 million from the Governor’s Office of Business and Economic Development for the Local Equity Grants Program.
Jeremy Schwartz, Deputy Director of the Office of Cannabis, said the office has previously dispersed over $7 million in flexible grant funding to more than 60 equity businesses, resulting in 41 social-equity permits. He said the funds primarily support rent payments (about 55% historically), capital improvements, regulatory compliance, fixtures and equipment, and legal services, and that up to 10% of the grant may be used for administrative overhead and for contracting technical-assistance providers selected through an RFP process.
Vice Chair Rafael Mandelman moved to forward the resolution to the full board with a positive recommendation; the roll-call vote was 3–0 in favor. The resolution, if approved by the full Board and executed, will provide additional grant funding to the Office of Cannabis to continue rent and technical-assistance support for eligible equity businesses.
