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420 with CNW — Maryland Starts Receiving Applications for Cannabis Business Grants

Maryland authorities are currently open to receiving grant applications aimed at assisting established medical marijuana enterprises in transitioning into dual license holders, enabling the businesses to cater to the recreational market once legalization comes into effect in the upcoming month. In addition, the state’s Department of Commerce (DOC) has announced that beginning on Aug. 1, 2023, it will start accepting applications for loans and grants intended to enhance market engagement from holders of social equity licenses by providing initial capital and covering operational costs.

The fund, established by a recent marijuana legislation bill signed by Governor Wes Moore in May, will also provide grants to HBCUs (historically black colleges or universities) for cannabis-related programs, such as initiatives for training and business development.

For the initial phase of assistance, the DOC has announced its acceptance of applications for grants covering medical license transition fees. These grants will cover the application expenses for established medical cannabis dispensaries, growers and processors that need to transition into dual license holders according to the draft regulations recently released by the MCA.

Qualifying businesses can potentially obtain grants ranging between $25,000 and $50,000, depending on their license type, to facilitate the transition. Applications will be reviewed and approved progressively until the end of June. Businesses that meet the criteria but have already paid the fee may also apply for a refund.

To qualify, applicants must be small businesses with a maximum of 50 employees as of May 1, 2023. Additionally, the enterprise must be at least 51% owned by people whose net worth doesn’t surpass $1.7 million.

During a subsequent round of assistance scheduled for August 2023, the state will utilize the same fund to distribute loans to social equity enterprises that obtained preapproval prior to Oct. 1, 2022, and have the capacity to start up and take part in the marijuana industry.

A third initiative supported by the fund will promote HBCU marijuana-related programs, which will aid enterprises in the license application process, as well as boost development organizations such as incubators. The funds will also be used to train and assist small firms, particularly those run by women and minorities, as well as business owners who want to join the recreational marijuana industry.

Maryland’s cannabis regulators recently unveiled a set of preliminary emergency regulations that are currently awaiting assessment by the AELR committee. These regulations must also undergo publication in the Maryland Register prior to their implementation.

The comprehensive draft, spanning 41 pages, introduces explicit definitions, formalizes limits on personal possession, delineates the obligations of regulatory entities, elucidates the licensing process (including provisions for social equity candidates), specifies the powers of enforcement agencies, and outlines the consequences and fines for noncompliance. Additionally, the document establishes clear guidelines for labeling and packaging.

As the recreational marijuana program in Maryland takes shape and gets underway, there is likely to be a boom in economic activity for a wide-ranging variety of enterprises, such as Advanced Container Technologies Inc. (OTC: ACTX), which seek to provide supplies such as grow pods that cultivators need to grow marijuana more profitably.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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