The Massachusetts Cannabis Social Equity Trust Fund, established to support entrepreneurs from communities disproportionately affected by cannabis prohibition, has reached a significant milestone. As of February 2024, the fund received its first full annual transfer of $27.4 million, a substantial boost for the program. This funding will be distributed through grants ranging from $20,000 to $50,000, directly aiding cannabis businesses in their development and expansion. Plans are underway for a second round of funding, which aims to broaden eligibility criteria and offer even greater support for operational and capital needs.
With the upcoming US presidential election, speculation surrounding federal cannabis reform is heating up. Vice President and presidential candidate Kamala Harris, a vocal advocate for cannabis legalization, is seen by many as a potential catalyst for advancing marijuana reform bills. Lawmakers from key states believe that a Harris-Walz administration would provide further impetus for state-level legalization efforts. However, skepticism persists regarding the likelihood of significant federal changes, particularly if former President Trump, with his mixed stance on cannabis, prevails in the election. Senator Jeff Merkley (D-OR), a sponsor of a bipartisan marijuana banking bill, expressed optimism about Harris’s potential support for cannabis reform, stating, “I think she’ll be very supportive.” He added, “If we can get these bills through, she’ll be ready to sign them.”
Meanwhile, at the state level, there have been notable developments in cannabis legislation. In Sacramento, a proposal to increase the number of cannabis dispensaries by 50% has been temporarily halted. Concerns about market saturation have prompted the city council’s law and legislation committee to advocate for expanding zoning options before approving any increase in dispensaries. Similarly, in Nebraska, lawmakers removed a proposed tax levy on hemp and CBD products from a property tax relief bill, providing a respite for the state’s growing hemp industry. This decision is part of a broader effort to address property tax challenges, with Governor Jim Pillen (R) pushing for deeper cuts despite limited legislative progress.
