Massachusetts marijuana social equity bill passes state Senate

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.

2022 MJBiz Factbook – Now Available

The essential resource for cannabis business leaders across all sectors provides the latest data and in-depth analysis you need to develop informed business strategies and avoid costly missteps.

Featured Inside:
  • Segmented research reports for the marijuana + hemp industries 
  • Accurate financial forecasts + investment trends  
  • State-by-state guide to regulations, taxes & opportunities  
  • 40+ charts and graphs with key data points

 

Get the facts and stay ahead of the curve.

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.