No cash yet for cannabis social equity fund

Social equity trust fund off to a rocky start without a bank account

Members of the Cannabis Society Equity Advisory Board were reportedly shocked to learn that much of the infrastructure behind the social equity loan program are not set up yet. The advisory board was created as a part of the 2022 omnibus update to the cannabis laws to advise the Executive Office for Administration and Finance on administering the social equity loan fund. It was reported from Talking Joints Memo that advisory board members learned at a recent meeting that the fund has no bank account yet, and that when it does receive money it will likely only start out with a few million dollars, according to an attorney from the Office for Administration and Finance. It’s common for a cannabis business to easily cost an entrepreneur more than one million dollars to set up.

Without a significant amount of funding available to provide meaningful assistance to equity applicants the grants and loans appear to be on pause for the time being. The Massachusetts Executive Office for Administration and Finance still has to promulgate their own rules and policies as it relates to the fund before it can begin to operate.

Find the full story from Talking Joints Memo on their website here: https://talkingjointsmemo.com/cannabis-social-equity-advisors-discuss-funding-delay-get-disappointing-news/