BOSTON – Today,
the Executive Office of Economic Development (EOED) launched the
“Immediate Needs Grant Program,” the inaugural program that will provide
financial assistance from the state’s Cannabis Social Equity Trust
Fund. The first of
its kind in Massachusetts, this new grant program will make financial
assistance available for cannabis entrepreneurs from communities that
have been disproportionately harmed by marijuana prohibition and
enforcement. The program aims to increase equity and opportunity within
state’s regulated marijuana industry. This funding round
will make $2.3 million available to support qualified cannabis business
license holders with urgent financial needs. It will be the first of
several programs, which will launch as additional resources become
available in the Trust Fund. “The Cannabis
Social Equity Fund was created to ensure that communities that have been
disproportionately harmed by marijuana regulations have an equal
opportunity to engage in this new industry,” said Governor Maura
Healey. “The programs enabled by this fund highlights our commitment
to supporting Social Equity businesses and will help strengthen the
industry and our economy.” “The Cannabis
Social Equity Trust Fund marks a groundbreaking milestone with the launch
of this Immediate Needs Grant Program, in partnership with the
Legislature,” said Lieutenant Governor Kim Driscoll. “This
initiative is an impactful investment that will empower our businesses
and entrepreneurs, enabling them to thrive and contribute to the vibrant
tapestry of our local cannabis economy.” “Through the
Cannabis Social Equity Trust Fund, we’re rethinking access and
opportunity within the marijuana industry,” said Secretary of
Economic Development Yvonne Hao. “This funding will establish a
robust precedent for streamlining fair access to this
industry.” The Legislature
enacted the enabling law for this program in August 2022. As part of the
FY23 closeout supplemental budget enacted in November 2023, the
Healey-Driscoll Administration partnered with the Legislature to resolve
technical issues affecting the funding mechanism. EOED is charged
with administering the Fund, in consultation with the Cannabis Social
Equity Advisory Board. The Cannabis Social Equity Advisory Board met five
times in 2023 to help inform trust fund regulations and program
development. “For the past
year, I've had the honor of working alongside my fellow board members to
educate, advise and discuss the important, strategic, and beneficial
topics and areas that we believed should be captured in regulating the
fund and application process,” said Cannabis Social Equity
Advisory Board Chair Keisha Brice. “The Social Equity Trust Fund will
play a crucial role in upholding the Commonwealth of Massachusetts
promise to support people and communities that have been
disproportionately impacted by the war on drugs. In partnership with the
EOED I believe what we have drafted is a reflection of a fair process
that is equitable, commits to our fiduciary responsibilities and still
allows room for growth as the industry evolves and we learn from this
initial process. I look forward to our ongoing commitment to making an
impact on what social equity in cannabis looks like in the Commonwealth
of Massachusetts and I encourage everyone to continue advocating for
change as there's more work to be done.” “As Senate Chair
of the Joint Committee on Cannabis Policy, I recognize the importance of
reframing the narrative around cannabis policy in the Commonwealth,”
said Joint Committee on Cannabis Policy Co-Chair Adam Gomez
(D-Springfield). “Despite being a fairly new industry, the
upsides of the cannabis market are evidenced by the state's tax revenue
and the thousands of families who have a newfound hope after choosing
cannabidiol as an alternative. Now our focus must be on acknowledging the
lack of representation in the marijuana industry by the very people who
were disproportionately harmed by marijuana prohibition and enforcement.
The launch of the inaugural round of the Cannabis Social Equity Trust
Fund is encouraging news as the fund will seek to right many
wrongs.” “Social equity and
economic empowerment entrepreneurs in the cannabis industry have faced
unique hurdles in accessing capital. They spoke and the Legislature
listened. I want to thank Speaker Mariano for his leadership ensuring An
Act Relative to Equity in the Cannabis Industry, the legislation that
established the Cannabis Social Equity Trust Fund, was a priority of the
House last session,” said Joint Committee on Cannabis Policy
Co-Chair Dan Donahue (D-Worcester). “I am thrilled to see the
inaugural round of funding is opening, beginning the process of
reinvesting cannabis revenue to support equitable growth within the
industry. My thanks to the Legislature, EOED, the Trust Fund Advisory
Board, and all of the stakeholders who have provided their time and
effort in making this vision a reality.” About the Cannabis
Social Equity Trust Fund The Cannabis
Social Equity Trust Fund was established by MGL Chapter 94G: Section 14A to
encourage the full participation in the state’s regulated marijuana
industry of entrepreneurs from communities that have been
disproportionately harmed by marijuana prohibition and enforcement. The Immediate
Needs Grant Program will distribute grants from the Cannabis Social
Equity Trust Fund to Massachusetts social equity entrepreneurs and
businesses. EOED plans to launch additional programs later in 2024 to
further support social equity in the cannabis industry. Visit mass.gov for
more information. | 
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