ANNAPOLIS, Md. – What to do when marijuana is legal for medicinal purposes but then legalizes recreational use? In the case of Maryland, officials decided to give its existing network of dispensaries a financial leg up by way of effective cannabis marketing.
This welcome development comes off the heels of the recent passage of Marylands recreational marijuana law, with over 60% of Marylanders voting in favor of approving the new legalization. Maryland Governor Wes Moore recently signed the bill into law earlier this year, sparking the beginning of legal recreational use in the state.
Starting July 1, all individuals 21 years and older may legally purchase marijuana from any licensed Maryland marijuana dispensary without a medical card. Cannabis marketing in Maryland is also expected to witness a cultural revolution, with a whole new market for THC vapes, edibles, cartridges, and oils ready to see action on July 1.
However, only some people are high on the news. With a majority of marijuana dispensaries in Maryland currently licensed as medical marijuana clinics, financially-challenged budtenders have been put at a disadvantage. To deal with the comedown from the high of passing new recreational use laws, Maryland’s recent move will help with the cost of converting their cannabis licenses from medical to recreational. On top of that, the state also pledges to grant financial aid to dispensaries for their “start-up costs,” including cannabis dispensary marketing and initial operating expenses.
Financial support for Maryland’s medical cannabis industry has been in the works for quite some time. Senate Bill 516, which set out the Maryland recreational use laws guidelines, already pledged to favor existing medical marijuana operators. Recently, the Cannabis Business Assistance Loan/Grant Fund (CBAF) was opened to the public for application for all qualifying medical-use cannabis license holders hoping to change their license.
The Cannabis Business Assistance Fund of the state will distribute grants and loans to individuals and organizations clearly underrepresented in the industry. As part of the state’s affirmative action, the fund plans to dole out License Conversion Fee grants to deserving small business owners and minority-owned dispensaries. The state also reserved a portion of the fund to help Historically Black Colleges and Universities (HBCUs) and other disaffected communities in setting up business development programs related to the cannabis industry, especially those related to marketing cannabis.
As the beginning of marijuana federal legalization and legal recreational use of cannabis grows closer by the day, Maryland is visibly set on taking care of its licensed medical marijuana operators by helping them transition into Maryland’s budding recreational-use market. These licensed dispensaries and medical cannabis retailers can finally look forward to support for rebranding their cannabis marketing and their operating and licensing costs. Indeed, a small price to pay for the development of a cannabis-friendly state and an accessible marijuana industry that favors the underprivileged residents of Maryland.
Here’s more information on the topic:
Maryland Offers Funds to Help Medical Marijuana Operators Move into Adult Use
https://mjbizdaily.com/maryland-offers-funds-to-medical-marijuana-operators-moving-to-adult-use/
Applications Now Open for Maryland’s Cannabis Business Assistance Fund
Maryland Will Begin Recreational Marijuana Sales over the Holiday Weekend
https://apnews.com/article/recreational-marijuana-legal-maryland-9d6192b758cb0be7b52a0c65b1cfcdf0
