Equity fund showers $26.5 mil on marijuana entrepreneurs

A Massachusetts equity fund gave out millions of dollars to marijuana businesses. This grant cycle 22 News Statehouse reporter Olivia Ray has which Western Massachusetts communities received this funding. The Bay State provides grants to marijuana entrepreneurs to level the playing field and recently gave out $26.5 million. This money is meant to give a boost to entrepreneurs in communities disproportionately affected by marijuana prohibition, which has led to inordinate arrests and incarceration of people of color. Local marijuana store owners can use this money to reduce barriers to entry and have a better chance of competing against well-funded corporate operations who got a foothold in the industry through the Bay State's original medical marijuana program. Several Western Massachusetts communities were among the 181 that received grants, including $592,000 for Northampton, $325,000 for Pittsfield, $500,000 for Greenfield, $2.2 million for Holyoke, and $600,000 for Springfield, among other cities and towns. The grant program is made up of four tiers representing different stages of operation, with funding ranging from $17,000 to $500,000, and a hundred businesses who applied for a grant did not receive funding at all. Although this level of grant funding is exponentially higher than last year's, many operators say they're fighting an uphill battle. One business owner explained the scale of the funding in cannabis, saying, For many small marijuana business owners, this next round of grant funding is likely to determine whether they can stay in business or if they'll need to Working for you from the Statehouse in Boston, I'm Olivia Wray, 22 News.