In the wake of protests over police brutality and racial injustice all across the globe, Colorado state legislature signed House Bill 20-1424 that would set aside cannabis social equity licenses for entrepreneurs of color and now has been sent to Governor Jared Polis office for his signature. Under the legislation, social equity license holders would qualify for mentorship programs and financial incentives to help get their business off the ground.
The purpose and mission behind this accelerator program is a social equity licensee would get hands-on training from a veteran retailer, processor or cultivator at the business owner’s facility. The licensee also could receive financial incentives from the state’s revenue department or the Office of Economic Development and International Trade.
In addition, the Colorado Senate added an amendment that would clarify a process to have convictions for possessing up to 2 ounces of marijuana expunged from a person’s record and allow that person to apply for a cannabis business license.