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...
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. >>
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@aafcpa.com or your AAFCPAs Partner.
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