Legal cannabis

How Cannabis is Supporting Social Equity in Colorado

Colorado officials have announced a new office, the Cannabis Business Office (CBO) aimed at supporting the marijuana industry. 

Governor Jared Polis (D) wrote in a press release that the office “shows our administration’s focus on growing this thriving industry that supports jobs and our economy.”

Specifically, the new CBO office will seek to foster new economic opportunities within the industry while prioritizing social equity. To do so, the office will provide resources to communities that have been most affected by the criminalization of marijuana. These resources include technical assistance, business loans for new marijuana businesses, and grants. 

Accordingly, the CBO office falls under the jurisdiction of the Colorado Office of Economic Development and International Trade. 

The office supports the state’s broader goals to make progress in regard to the harms of marijuana prohibition and other inequities. Polis reiterated the state’s position on cannabis, stating that “Colorado will lead.” He continued, “Colorado is, and always has been, the best place to live, work, grow and sell cannabis.”

In the past, the inability of marijuana businesses to access federal financial support has posed a significant hurdle for cannabis small businesses. Polis has previously supported equal resource access for the marijuana industry.  

The funding for this new office came from tax revenue raised from the state’s booming cannabis industry. The state is on track to see more than $2 billion in marijuana sales this year. That much in sales means plenty of tax revenue to put toward marijuana-related causes. 

Related Posts

No results found.