The Healey-Driscoll Administration is pleased to announce the availability of financial resources with the launch of its first program from the Cannabis Social Equity Trust Fund (CSE Trust Fund). The Immediate Needs Grant Program, which will offer grants to support cannabis business license holders with urgent financial needs.
Donor Name: Executive Office of Economic Development (EOED)
State: Massachusetts
County: All Counties
Type of Grant: Grant
Deadline: 02/15/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Immediate Needs Grant Program seeks to address the most urgent financial needs of Massachusetts cannabis businesses by providing grants to Marijuana Establishments and Medical Marijuana Treatment Center businesses to support imminent or outstanding expenses essential to the operation of the business such as personnel costs, rent, utility or other facility expenses, loan repayments or debt service, regulatory fees, professional service payments or other expenses that support stabilizing the business. To be eligible for a grant from this program an applicant must be a duly organized Massachusetts business entity with a provisional or final licensed issued by the Cannabis Control Commission (Commission) that qualifies as an Economic Empowerment Priority Applicant or Social Equity Business.
The Trust Fund was established by Section 14A of Chapter 94G of the General Laws and is administered by the Executive Office of Economic Development (EOED) to provide financial assistance to eligible applicants for the purpose of encouraging the full participation in the Commonwealth’s regulated marijuana industry of entrepreneurs from communities that have been disproportionately harmed by marijuana prohibition and enforcement.
Funding Information
- Total Grant Funds Available $2.33 Million
- An amount not to exceed $50,000.
Allowable Use of Funds
Applicants may request funds to support imminent or outstanding expenses essential to the operation of the business, including but not limited to:
- Personnel costs: Business payroll expenses;
- Rent, lease, utilities, or other facility expenses
- Regulatory Fees: Application, permitting, licensing and other regulatory fees needed to maintain licensure;
- Professional Services: Outstanding bills for critical services, such as legal, accounting, etc.;
- Debt service: Loans repayments or business debt service, both principal and interest, to help bring loans current (not for any prepayment of principal or interest); and/or
- Other expenses that support stabilizing the business.
Eligibility Criteria
Applicants must meet the following criteria to be eligible for funds from this program:
- Be a duly organized business entity in good standing and located in Massachusetts;
- Be a Marijuana Establishment or Medical Marijuana Treatment Center with a Provisional or Final License issued by the Commission
- Qualify as an Economic Empowerment Priority Applicant or Social Equity Business by
- the Commission designating the business entity as an Economic Empowerment Priority Applicant;
- the business entity has a majority of ownership designated by the Commission as an Economic Empowerment Priority Applicant; or
- the business entity has a majority of ownership designated by the Commission as Social Equity Program Participants; and
- At the time of application for financial assistance from the Immediate Needs Grant Program, all such individuals or entities shall continue to meet the criteria allowing them to receive initial designation as an Economic Empowerment Priority Applicant or Social Equity Program Participant.
- The entity applying for financial assistance, or any person or entity with an ownership interest in the entity applying for financial assistance, is in good standing with the Cannabis Control Commission and has not received a recommendation or determination of adverse suitability from the Commission.
- Demonstrate a need for funds to support imminent or outstanding expenses essential to the operation of the business.
For more information, visit Healey-Driscoll Administration.
