Today, the Cannabis Business Office (CBO) within the Colorado Office of Economic Development & International Trade (OEDIT) announced 27 businesses selected to receive the CBO’s Cannabis Business Grant. Launched in 2022 as a pilot program, the Cannabis Business Grant has been continued to support the ongoing growth of Colorado’s small cannabis businesses and foster equity and diversity within the state’s cannabis industry.
“This important program will provide funding and resources that support Colorado’s cannabis businesses as they launch and as they grow. The increased interest in Cannabis Business Office resources demonstrates the need for and the impact these opportunities will have, saving small business owners money and fostering a thriving and equitable cannabis industry,” said Eve Lieberman, OEDIT Executive Director.
Traditional funding sources designated for small businesses often preclude the cannabis industry, causing cannabis business owners to experience increased difficulty accessing capital as they grow their businesses. In an effort to help fill this funding gap, the Cannabis Business Grant provides two forms of funding:
- $25,000 Foundational Grants intended to help early stage cannabis businesses with their startup needs
- $50,000 Growth Grants to support existing cannabis businesses as they grow or refine their operations.
The 27 recipients announced today represent a nearly 70% increase in the number of businesses receiving funding through the Cannabis Business Grant and received a total of $750,000 in funding; 16 recipients were announced in July 2022. In addition, Kalyx Brands, which previously received a Foundational Grant, has been selected to receive a Growth Grant.
“We are pleased to be able to award Kalyx Brands a Growth Grant along with two other growing businesses. Our goal is to be able to support Colorado’s small cannabis businesses along every stage of their journey, and these recipients demonstrate that the industry is growing,” said Tristan Watkins, Program Manager of the Cannabis Business Office.
According to Krystina VanCleef, Owner and Founder of Kalyx Brands, the Foundational Grant supported the company as it connected with investors, launched new products and improved branding through marketing materials and in-store displays. The Growth Grant will help VanCleef and the company continue that work while also looking to expand its national footprint and build a better sales team.
“Aside from the grants we are completely self-funded and bootstrapped, without the grants we have received we would not have made as much progress and would have gone out of business,” said VanCleef.
The businesses selected to receive this round of the Cannabis Business Grant include:
- Apex Herbology
- Better Days Delivery
- Best Invest
- Blaze To Go Delivery Service
- Denver’s Premier Social Club
- Dreamy Illusions
- Gogi Cannabis Delivery
- Green Remedy
- Highly Positive Cannabis
- Jungle Feva
- Kilo Enterprises
- Kushgo Delivery
- Middle Man
- Piedmont Pressure
- Queen Mary
- Snooty Foxx
- Denver Kush Club
- Kaylx Brands (dba Millie’s)
- Puff, Pass and Paint
The selected recipients are all social equity licensed cannabis businesses that have been awarded, or are actively pursuing, a regulated business license from the Marijuana Enforcement Division. The Cannabis Business Grant is supported by direct industry engagement via the Marijuana Tax Cash Fund, dedicated to reinvesting in the industry’s future growth.
In addition to the Cannabis Business Grant, the CBO will launch a loan program in spring 2023 intended to provide Colorado’s social equity cannabis businesses with additional access to capital. To be notified of future rounds of grant funding and the launch of this new program, subscribe to the Cannabis Business Office newsletter.