A first-of-its kind $200 million social equity fund in New York that’s been promised to qualified marijuana entrepreneurs is still awaiting its first investment that would help bankroll the effort, fund managers told MJBizDaily.
Illinois regulators are extending a filing deadline and offering additional support for the state’s next round of marijuana social equity retail license applicants.
Illinois regulators implemented several modifications for social equity applicants vying for one of the state’s 55 new adult-use retail licenses this month.
Massachusetts-based marijuana company Theory Wellness is taking applications from prospective social equity or economic empowerment candidates in the state and will offer financial support to the winners.
An additional 100 social equity applicants in Los Angeles will get an opportunity to apply for cannabis retail licenses after a U.S. district judge refused to halt the lottery selection.
A Michigan man challenging marijuana social equity programs across the country as unconstitutional has filed another lawsuit against a local licensing program, this time against Los Angeles.
Helios Labs, a minority-owned craft cannabis grower Broadview, Illinois, received a $1 million loan through a program designated for social equity license holders.
Illinois regulators issued the state’s first social equity adult-use marijuana retail license to an ownership group comprised of “wealthy and connected” Chicago entrepreneurs, including a former police officer.
Illinois is offering a total of $8.75 million in forgivable loans to conditionally approved social equity marijuana licensees “in order to provide immediate access to capital” after challenges with a previous loan program.
The first cannabis store operated by a social equity licensee opened in Sacramento, California, roughly two years after the City Council authorized and designated 10 retail licenses for those who had been arrested or adversely affected by the war on drugs.
Four social equity license applicants in Connecticutsare proceeding with their applications to serve the state’s upcoming $250 million adult-use cannabis market, regulators said.
Star Buds IL became the first social equity craft marijuana grower to begin operations in Illinois.
