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Sunday, February 5, 2023

SF to spend millions on cannabis equity

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SAN FRANCISCO, CA (Corona) – The city of San Francisco announced Friday that it has received a $4.5 million government grant to advance property rights in the city’s cannabis industry.

Mayor London Breed said the government funding will help support the city’s Office of Hemp (OOC) Equity Grant program and its original goal of combating disparities in the cannabis industry by setting up a cannabis business.

“COVID-19 has had a major impact on our city’s small businesses and entrepreneurs, including those in the cannabis industry,” Mayor Breed said. “With help from the state and leadership in the Office of Cannabis, this funding will ensure that the Cannabis Equity Scholarship Program continues its goal of providing access to the industry for those who have been disproportionately affected by previous policies.”

The OOC’s grant program has issued more than $5.5 million to more than 50 companies since the city launched in February 2021. Nearly 65% ​​of grant recipients are people of color, city officials said.

“From a historical perspective, the stock grant program represents a government that proactively addresses drug policies that have harmed our communities,” said Nikesh Patel, director of the San Francisco Office of Cannabis. “We hear from social equity applicants how powerful these grants are in advancing their businesses. We are proud to continue to develop a program that includes community input, meets applicants’ needs, and ultimately lowers barriers to entering the cannabis industry.”

Grant recipients will receive awards ranging from $50,000 to $150,000 to offset or grant advances for expenses such as accounting services, legal aid, rent, and more. The city said $2 million in new cannabis stock grants will be made available in May.

To learn more about the San Francisco Cannabis Equity Program, visit: click here.

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