The Massachusetts Executive Office of Economic Development has announced the launch of the Social Equity Grant Program, which aims to provide financial assistance to current and pre-licensed cannabis industry entrepreneurs. This initiative is part of the Cannabis Social Equity Trust Fund and is designed to support the financial needs of social equity businesses within the cannabis sector in Massachusetts. The program will distribute grants to eligible Marijuana Establishments, Medical Marijuana Treatment Centers, and pre-licensed cannabis businesses to enhance participation among social equity participants in the cannabis industry.
The primary purpose of the Social Equity Grant Program is to address the financial challenges faced by cannabis businesses that qualify as social equity participants. The program is structured into four tiers, each targeting different stages of business development and operational needs. Tier 1 focuses on industry entry support for pre-licensed cannabis businesses, while Tier 2 addresses immediate needs for provisional and final licensees. Tier 3 is aimed at supporting license acquisition and the commencement of business operations, and Tier 4 is designed for existing business growth and expansion.
Funding for the grants ranges from $25,000 to $500,000, depending on the tier and specific needs of the applicant. Tier 1 allows for a maximum grant size of $25,000 for pre-licensed businesses, while Tier 2 can provide up to $50,000 for provisional and final licensees. Tier 3 supports provisional licensees and final licensees with a maximum grant size of $250,000, and Tier 4 offers up to $500,000 for final licensees that have received notice to commence operations. Notably, Tier 4 requires a matching cash contribution of one-to-one for amounts requested above $250,000.
To be eligible for the Social Equity Grant Program, applicants must be duly organized business entities in good standing located in Massachusetts. They must qualify as either pre-licensed cannabis businesses or licensed Marijuana Establishments or Medical Marijuana Treatment Centers owned by individuals designated as Economic Empowerment Priority Applicants or Social Equity Program Participants. Additionally, applicants must maintain their eligibility status at the time of application and ensure that their licenses are valid and not under suspension or revocation.
The submission requirements for the grant application include providing detailed information about the business, its ownership structure, and the specific financial needs being addressed. Applicants will also need to answer questions related to their business operations and how the grant funds will be utilized. Evaluation criteria will focus on the applicant's alignment with the program's objectives, the feasibility of the proposed use of funds, and the potential impact on the business's growth and sustainability.
The application deadline for the Social Equity Grant Program is set for October 17, 2024. Interested applicants are encouraged to review the program details and prepare their submissions in advance of this date. For further information, potential applicants can reach out to Joseph Gilmore at the Executive Office of Economic Development via email or phone. This grant program represents a significant opportunity for eligible cannabis businesses in Massachusetts to secure funding and support their growth in a competitive industry.
