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Cannabis Equity Grants Programs Available in California

 

In November of 2016, California voters passed Proposition 64 that allows for the control, regulation, and taxation on adult use of marijuana in an effort to reduce barriers to entry into the legal and regulated market.

 

On December 1, 2020, the Governor’s Office of Business and Economic Development and the California Bureau of Cannabis Control joined to create the Cannabis Equity Grants Program for Local Jurisdictions. This program will offer financial support within California’s legal cannabis market to those communities that have been negatively impacted by the criminalization of cannabis in the past. This is exciting news for both startups and established cannabis industry businesses.

There will be up to $23 million in funding that will go directly towards the grants and low to no-interest loans. Additionally, it will offer assistance with the following:

  • Technical support or equity applicants and equity licenses
  • Regulatory compliance
  • Securing capital
  • Paying licensing fees
  • Emergency Preparedness
  • Recruitment and training for a diverse workforce

Only eligible local jurisdictions may apply for these grants and will only be awarded when approved. The State is aiming to aid their efforts in eliminating or reducing the illicit cannabis market by bringing more people into a thriving legal marketplace- leaving no room for illegal activity.

State of California has issued a guide that covers how and what is needed to apply.

Need expert help keeping up with rapidly changing compliance and regulations?

Payroll Systems has partnered with financial institutions to offer our full suite of payroll and HR services to the cannabis industry, including direct deposit, electronic tax payments, and tax filing.

Contact Payroll Systems to see how you can leverage our easily scalable solutions—from paperless new employee onboarding, paperless benefit enrollment, timekeeping systems with companion mobile app, physical clocks, and customized job costing and labor distribution reporting.

We pair human skills and empathy with the latest technology to take on our clients’ HR and payroll processes.

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.