Small marijuana business owners often struggle securing lines of credit, loans and other financial services from banks and credit unions because of the plant's federal prohibiton.
“Finding funding opportunities is an ongoing challenge that cannabis entrepreneurs face in the U.S.,” Watkins says in a statement. “The Pilot Grant is designed for early-stage and growing businesses to gain access to the capital they need to succeed — whether it's for seed money to get started, or to help cover costs to improve their business.
To be eligible, a business must be at least 51 percent owned by a licensee who's designated under the state's marijuana social equity provision. That provision prioritizes communities impacted by the War on Drugs and requires that applicants prove at least one of the following: They or their families were arrested on certain drug charges, they earn less than 50 percent of the state median income, or they come from a community designated as a low-economic opportunity zone.
Read the details on this…. Colorado has lost their minds.