BBJ: How to apply to state cannabis grants, according to finance expert Dave McManus

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Boston Business Journal (January 31, 2024) – After years of waiting, cannabis social equity companies in Massachusetts can start applying to state grants to support their businesses. Last week, the state Executive Office of Economic Development launched the “Immediate Needs Grant Program,” which is first release of grants from the state’s Cannabis Social Equity Trust Fund. The fund was designed as a way to provide money to cannabis social equity businesses, entrepreneurs from communities that have been disproportionately harmed by the war on drugs, and create more equity and opportunity in the industry.

This funding round will make $2.3 million available to qualified cannabis business license holders with “urgent financial needs,” according to the state, and applicants can win up to $100,000. This $2.3 million is just the first round of grants, as another $25 million is expected to flow into the fund in the coming weeks, according to EOED.

“With competition and shrinking margins and price compression, a lot of our clients are struggling,” Dave McManus, partner at AAFCPAs, said.

Continue reading the full article in the Boston Business Journal. >>

How We Help

AAFCPAs has provided accounting, assurance, tax, and consulting solutions to the cannabis industry since 2012. A pioneering leader in the industry, we help clients navigate complex funding along with regulatory, tax, 280E, entity structuring, and state-by-state requirements.

If you have questions, please contact David McManus, CPA, CGMA, Tax Partner & Cannabis Practice Leader at 774.512.4014 or dmcmanus@nullaafcpa.com, Janice O’Reilly, CPA, CGMA, Partner at 774.512.9046 or joreilly@nullaafcpa.com—or your AAFCPAs Partner.


About the Authors

David McManus

David McManus, CPA, CGMA

Dave leads AAFCPAs’ national Cannabis Business Practice, and has been deeply immersed in understanding the complex financial and operational nuances of the industry since 2012. His subject matter expertise was sought by the U.S. Treasury and Senate Finance Committee for guidance on critical considerations regarding the 280E transition following DEA rescheduling news. As a key advisor through the AICPA, Dave and his cannabis team provides insights to shape regulatory guidance on this issue. He provides highly …
Janice O'Reilly

Janice O’Reilly, CPA, CGMA

Janice is a Partner in the Consulting Division of AAFCPAs and advisor and former leader of the Outsourced Accounting & Fractional CFO practice, which provides “right-size” outsourced accounting solutions, from cloud-based bookkeeping to CFO deliverables, designed to optimize the effectiveness of the modern finance function.  Public, privately-held, and nonprofit organizations value the pragmatic assessment, infrastructure set-up, and flawless execution of their accounting & finance deliverables—all completed with the resources and technical expertise of AAFCPAs’ full-service …