DENVER – Gov. Jared Polis, Colorado, has announced the establishment of a Cannabis Business Office to promote social equity, provide financial and technical assistance to entrepreneurs and create $ 2.2 billion in the marijuana industry.
The office was approved by legislation passed during the Legislature’s session in 2021, which initially provided $ 4 million from the state’s marijuana cash tax fund for its operations.
It will in part provide microloans and seed allowances for capital and business costs, as well as planning advice and other support to business owners, especially in economically disadvantaged areas. This will help business owners, especially people of color, whose marijuana arrests or convictions in the past have hampered their access to the industry.
The office falls under the jurisdiction of the Colorado Office of Economic Development and Trade.
Pot remains illegally federal, making loans and other banking services difficult for those gaining a foothold in the industry.
“The Cannabis Business Office shows that our administration is focusing on the growth of this thriving industry that supports and supports our economy,” the Democratic governor said in a statement Wednesday. “Where the federal government has fallen behind, Colorado will lead. Colorado is and has always been the best place to live, work, grow and sell cannabis. ”
Voters in Colorado legalized recreational marijuana in 2012.