By Jennifer McRae

DENVER (CBS4)– Colorado is launching a new Cannabis Business Office that will be within the Business Support and Rural Prosperity division. The new office will be funded by the marijuana tax cash fund.

(credit: CBS)

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“The Cannabis Business Office shows our administration’s focus on growing this thriving industry that supports jobs and our economy,” said Gov. Jared Polis in a statement. “This office will offer tools like technical help and improve access to money for businesses. Where the federal government has fallen behind, Colorado will lead. Colorado is, and always has been, the best place to live, work, grow and sell cannabis.”

File photo of marijuana plants. (credit: RAUL ARBOLEDA/AFP/Getty Images)

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The office will create new economic development opportunities, jobs and community growth in the cannabis industry.

According to the State of Colorado, the Cannabis Business Office will:

  • Provide loans to social equity licensees for seed capital and ongoing business expenses;
  • Offer grants to social equity licensees to support innovation and job creation and organizations that support marijuana businesses to be used to support innovation and job creation of social equity licensees; and
  • Support cannabis business owners with technical assistance, prioritizing social equity licensees who have been awarded a loan or grant through the program.

    (credit: iStock/Getty)

“The Cannabis Business Office will provide novel and ambitious programming to provide more equitable opportunity in the cannabis industry,” said Tristan Watkins, Ph.D., Colorado’s first Cannabis Program Manager in a statement. “As the office expands, we are confident it will further solidify Colorado as the leader in the nation’s cannabis industry.”

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Jennifer McRae