Colorado Launches Government Loans, Marijuana Industry Support Office

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Colorado has opened a new division in the state Department of Economic Development and International Trade to support marijuana entrepreneurs.

IN Cannabis business officewhose creation was part of Senate bill passed earlier this year, will implement a series of grants, low-interest loans and technical assistance programs for marijuana business owners who are subject to the state’s new social justice regulation.

This provision gives priority to communities affected by the war on drugs. To be eligible, applicants must prove one of the following: they or their families have been negatively impacted by the war on drugs, they earn less than 50 percent of the state’s median income, or they come from a community considered to be low-economic. zone from OEDIT. These zones also include communities that have historically been marginalized and negatively affected by the war on drugs.

Funding for the program, sourced from the state marijuana tax fund, is $ 4 million until lawmakers revise the budget during fiscal 2022-23.

The specific amounts allocated for loans, grants and technical assistance will be determined by OEDIT during the rulemaking process. Latest offers the governor’s office and department have offered about $ 3 million in loans at low interest rates ranging from $ 50,000 to $ 100,000, with just under $ 1 million in grants to welfare and support organizations.

“This office will offer tools such as technical assistance and improve access to money for businesses. Where the federal government lags behind, Colorado will be ahead. Colorado has been and always has been the best place to live, work, grow and sell cannabis, ”Polis said in a statement about the new office.

Director – Tristan Watkins, former specialist in the marijuana industry with a doctorate in neurology; he would like the office to provide business advice, webinars and seminars for entrepreneurs. “We are confident that as the office expands, Colorado will become the leader of the national cannabis industry,” he says.

Several years ago, Colorado became the center of growing public criticism for the lack of social justice programs for communities affected by the war on drugs when the state became the first in the country to authorize the sale of recreational marijuana. Colorado Legislature passed laws in 2020 and 2021 g. to create current state social justice programs, while local governments like Aurora and Denver have implemented their own initiatives to increase diversity in the potting industry.

In fact, in his City position Appeal as of July 26Mayor Michael Hancock announced that he is allocating a portion of the local marijuana sales tax revenue to a loan reserve to support Denver marijuana business owners who meet the state’s social justice definition; the goal is to create a $ 50 million revolving fund from city investments.

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