On Wednesday, July 28, Colorado Governor Jared Polis announced the creation of a Cannabis Business Office to promote social equity, provide financial and technical assistance to entrepreneurs, and create jobs in the state’s $2.2 billion marijuana industry.
Thanks to the passing of Senate Bill 111 that passed during the Legislature’s 2021 session, the office was authorized and received an initial $4 million from the state’s marijuana cash tax fund for its operation. The Cannabis Office aims to provide micro-loans and grants for seed money, capital, and business expenses, in addition to planning advice and other support for business owners, especially in more disadvantaged areas.
Now, business owners who were selling smoking accessories can have assistance selling cannabis, thanks to The Cannabis Business Office. It’ll assist business owners, especially those of color, whose past marijuana charges or convictions barred their entry into the industry. Gov. Polis said in a statement that, “The Cannabis Business Office shows our administration’s focus on growing this thriving industry that supports jobs and our economy.” He continued, saying, “Where the federal government has fallen behind, Colorado will lead. Colorado is and always has been, the best place to live, work, grow and sell cannabis.”
This is a massive move in terms of marijuana reform, by creating legislation, that helps people thrive in the cannabis industry instead of the opposite. The Cannabis Office is another clear-cut example of why federal marijuana legalization is needed throughout the United States, so everyone can reap the lucrative benefits of the cannabis industry. This is a great way to promote social equity.