Colorado has revealed the first small cannabis companies to receive grants under a new program.
The Polis Administration says the grant program’s purpose is to save small businesses money, foster equity in the cannabis industry, and create well-paying jobs for Coloradans.
Among the program’s qualification requirements are an annual revenue of less than $500,000, good standing with the Colorado Secretary of State, and have operated for more than one year.
The grants, which the Polis Administration says provide financial support for cannabis businesses, are an initiative of the Office of Economic Development and International Trade.
According to the Polis Administration, the Marijuana Tax Cash Fund supports the grant with direct industry engagement and reinvests in the industry’s future growth.
“Our nation-leading work promoting equity and supporting innovation in Colorado’s thriving cannabis industry supports our economy, saves small businesses money, and ensures our state remains the best business-friendly destination in the country,” says Governor Polis. “I’m proud to see this multi-year effort result in transformative grants to deserving applicants.”
Recipients of the first round of grants include Apollo Limited, Canna-Couriers, Colorado Kush, Cb1 Logistice, Delts-9, Different Strokes 2.0 Puff N Paint Sip Art Studio, Flora Cannabis, Go Harvest LLC, GRN Bus, IDY Packaging Distributors, Kaylx Brands, Meta-Zon CannClub, Mile High Lounge/Ganja Games, Paly, Pufflow.com, and Tetra Hospitality Group.
The Polis Administration says the recipients are all social equity-licensed businesses who have received or are actively pursuing a regulated business license from the Marijuana Enforcement Division.
As part of the grant-making process, the Polis Administration says the Cannabis Business Office provided grant applicants with professional and educational development opportunities.
Applicants completed required business development curriculum, developed business plans, and created project proposals.
The Polis Administration says the grant process’ design equips the Colorado cannabis industry with a robust skillset to continue the state’s leadership in the space.
According to the Polis Administration, the design prepares applicants with foundational knowledge and materials for success.
The Polis Administration says people who want to receive notifications regarding future grant funding rounds should subscribe to the Cannabis Business Office’s monthly newsletter.