Committee forwards $2.04M state equity grant for local cannabis businesses

Yulia Skinderella, associate director of the Office of Cannabis, told the Budget and Finance Committee on May 8 the office seeks retroactive authority to accept and expend $2,041,520.62 from the Governor's Office of Business and Economic Development (GO-Biz) for the Local Equity Grants program.

Skinderella said the grant term runs from April 2, 2024 through Oct. 31, 2025 and the funds are intended to advance economic justice for communities impacted by cannabis prohibition by supporting equity applicants and licensees with startup and ongoing business costs. She said the office has previously disbursed over $11 million in indirect grants to more than 60 equity businesses, producing 52 equity business permits, and that prior program cohorts had utilization rates above 95%.

Vice Chair Mandelmann volunteered to be added as a cosponsor. The committee voted to forward the resolution to the Board with a positive recommendation (3 ayes).