CO lawmakers approve $4 million for low-income cannabis entrepreneurs

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COLORADO SPRINGS, Colo. (KRDO) – The Colorado Legislature’s Joint Budget Committee has approved four million dollars to create a state fund to help lower-income marijuana business entrepreneurs who otherwise wouldn’t be able to afford a start in the industry.

The four million dollars of state marijuana tax revenue will go toward the Cannabis Advancement Program (CAP), which aims to provide grants, low-interest loans, and other support to select people and businesses.

To qualify, applicants must prove they or their families were negatively impacted by the War on Drugs, they earn less than 50 percent of the state median income, or they come from a community considered a low-economic opportunity zone by the Colorado Office of Economic Development.

Since the program was voted on last year and its funding was approved separately, lawmakers will have to vote to attach the funding to the program before it can roll out.

KRDO crews are speaking with social equity advocates within Colorado’s marijuana industry to get their reaction to the news. We’ll have the full story tonight on KRDO NewsChannel 13 at 10:00 p.m.

Cannabis in Colorado / Colorado Springs / Local News

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