The Colorado Office of Economic Development and International Trade (OEDIT) is accepting applications for its Cannabis Business Grant to support cannabis entrepreneurs through access to capital to promote social equity, innovation, and job creation across the industry.
Donor Name: Colorado Office of Economic Development and International Trade (OEDIT)
State: Colorado
County: All Counties
Type of Grant: Grant
Deadline: 08/31/2023
Size of the Grant: $50,000
Details:
The Cannabis Business Grant is a funding opportunity for social equity cannabis businesses who have been awarded or are in the process of applying for a regulated business license from the Marijuana Enforcement Division. Eligible businesses are now divided into 3 categories based on their needs: foundational, foundational plus and growth.
Funding Information
The maximum grant award amount for Foundational grant recipients is $25,000. The maximum grant award amount for Foundational Plus grant recipients is $20,000. The maximum grant award amount for Growth grant recipients is $50,000. Only one grant will be awarded for the same business, regardless of how many social equity owners are associated with the business.
Eligibility Criteria
Eligible cannabis businesses must:
- have 51% of the business owned by a Social Equity License from the Colorado Marijuana Enforcement Division (beginning at the time of application and for 24 months after award disbursement)
- have been awarded or started an application for a Regulated Business License from the Colorado Marijuana Enforcement Division and the local licensing authority where the business intends to operate
- be in Good Standing with the Colorado Secretary of State
To be eligible for either the Foundational or Growth category, businesses must meet at least 2 of the 3 eligibility requirements for that category.
Foundational – $25k maximum award
- have 1 to 5 employees
- have an annual revenue of less than $500,000
- have been in operation for less than 1 year
Growth – $50k maximum award
- have 6 to 15 employees
- have an annual revenue of $500,000 to $3,000,000
- have been in operation for more than 1 year
They are also excited to announce the Foundational Plus category. Foundational Plus grant applicants must have received a Foundational grant award previously and must currently be operational. In addition to these mandatory criteria, to qualify, a business must meet one of the following additional criteria:
- Have added at least 1 FTE;
- Have an annual or annualized revenue of at least $250,000; or
- The grant project proposal is written so that the funds are utilized to assist in hiring of staff o Note: This can include proposals that expand the business’s capacity to hire an additional employee
Required Documentation
- Certificate of Good Standing from the Secretary of State
- Finding of Suitability Approval Letter from the MED (Social Equity License)
- Regulated Business License from the MED, or the started application that will be submitted
- Marijuana License from the local licensing authority you intend to operate, or the started application that will be submitted
- Certificate of Completion from the CBO Business Foundations TA Program. Note: those that completed TCC or MIG programs also qualify
- EIN
- W-9
For more information, visit OEDIT.
