California state officials said the Office of Business and Economic Development (GO-Biz) has earmarked $35 million in grant funding as a means of spurring cannabis industry equity initiatives.
The action is through the Cannabis Equity Grants Program for Local Jurisdictions. The effort seeks to advance economic justice within populations and communities harmed by cannabis prohibition, supporting local jurisdictions as they promote equity and eliminate barriers to entry in the regulated cannabis industry for equity program applicants and licensees.
“Cannabis Equity Grants will help level the playing field for those that have borne the brunt of past federal and state anti-drug policies while striving to make California’s Cannabis Industry more equitable and accessible to those individuals,” Dee Dee Myers, the Governor’s chief Economic and Business Advisor and director of GO-Biz, said. “These awards bring the state’s commitment to local equity programs to $90m since the program launched.”
Per the state, jurisdictions are slated to use the grant funds to develop cannabis equity programs and assist equity program applicants and licensees by providing low / no-interest loans or grants while also offering reduced licensing fees or waived fees, as well as technical assistance.
GO-Biz serves as California’s leader for job growth and economic development. The agency offers services that include aiding business owners in attraction, retention and expansion services, site selection, permit streamlining, and regulatory hurdle clearance, among other actions.