MJBIZ - November/December - 31

INDUSTRY DEVELOPMENTS
Massachusetts
The Cannabis Social Equity Trust Fund in Massachusetts is flush with more than $27 million,
according to the State House News Service. Fifteen percent of the Marijuana Regulation Fund,
which is financed by state marijuana application and licensing fees as well as state excise
taxes, is earmarked to bolster the Cannabis Social Equity Trust fund.
The full annual transfer of $27.4 million followed an initial transfer of $2.3 million in December
2023. During the past year, Massachusetts lawmakers passed language to resolve an issue
that prevented money from being transferred into the trust fund.
As of June 30, 2024, the balance of the trust fund was $27.3 million, reflecting funds paid
through the Immediate Needs Grants Program (INGP), which launched in February. The INGP
provided $2.3 million in funds to 50 Massachusetts social equity and economic-empowerment
businesses licensed by the state's Cannabis Control Commission. Individual grants ranged from
$20,000 to $50,000.
The Executive Office of Economic Development and the Cannabis Social Equity Advisory
Board plan to continue the INGP. The two agencies are in the process of developing a second
round of financial assistance.
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MJBIZ - November/December

Table of Contents for the Digital Edition of MJBIZ - November/December

MJBIZ - November/December - Cover1
MJBIZ - November/December - Cover2
MJBIZ - November/December - 3
MJBIZ - November/December - 4
MJBIZ - November/December - 5
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MJBIZ - November/December - Cover3
MJBIZ - November/December - Cover4
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