A marijuana social equity bill in Massachusetts passed the state Senate.
According to the Associated Press, the legislation would create a fund designed to increase social equity in the state’s marijuana industry by helping solve a key hurdle for equity applicants – lack of access to capital.
The bill now heads to the Massachusetts House.
If the measure is approved there, Massachusetts would join a few other states, including New York, in implementing such a program, the AP reported.
The Massachusetts legislation would create a social equity fund to help applicants get access to capital via grants and loans, including some that have no interest or are forgivable.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Get your 2023 MJBiz Factbook now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
The fund would receive 10% of yearly revenue collected from the state’s marijuana excise tax, which is an estimated $18 million for the 2023 fiscal year.
Supporters of the bill say opening an average marijuana retail store can require more than $1 million, with processing facilities costing as much as $3 million-$5 million.