Colorado Awards First Loans to Social Equity Cannabis Businesses

DENVER — In a move that underlines the state’s commitment to fostering equitable growth in the cannabis industry, Colorado’s Cannabis Business Office (CBO) has unveiled the inaugural recipients of the state’s Cannabis Business Loan Program.

Launched in collaboration with the mission-oriented lender, NuProject, this initiative facilitates loans ranging from $50,000 to $150,000. The program is tailored to support social equity licensed cannabis ventures, enabling them to augment operations, boost revenues, and either sustain or generate employment opportunities.

Highlighting the broader economic implications, OEDIT Executive Director Eve Lieberman stated, “Promoting equitable growth within the cannabis sector aligns with our mission to catalyze small business expansions. By aiding them in broadening their operational footprint and introducing new services, we’re setting them on a trajectory to enhance revenues, solidify their business longevity, and generate employment. This synchronizes with our vision of fostering businesses, invigorating communities, and bolstering the Colorado economy.”

The program’s spotlight is currently on IDY Distributors and Simply Pure, both based in Denver, as they emerge as the primary loan beneficiaries.

IDY Distributors, renowned for offering distribution services tailored to Colorado’s burgeoning cannabis market, emphasizes simplifying product orders for retailers. With the infusion of funds from the loan, IDY envisages an extension of their service portfolio to include warehousing and the fulfillment of retail orders for brands, a move that promises to catalyze job creation for the Denver community.

On the other hand, Simply Pure stands out not just for its services but its ownership, being helmed by the nation’s first Black, veteran cannabis licensee. Their blueprint for the loan includes refurbishing their dispensary’s exterior and rolling out a delivery service. This delivery initiative is set to be executed in collaboration with Puff Pass, another Denver-based Black-owned social equity enterprise. Furthermore, a portion of the funds is earmarked for amplifying their digital marketing endeavors.

Jeannette Ward, CEO of NuProject, emphasized the strategic significance of timely fund disbursement in her statement. “For an industry as dynamic as cannabis, swift financial support is pivotal. The businesses we’re backing today exemplify the kind of growth trajectory that states would be judicious to champion. Bridging this financial chasm not only bolsters Colorado’s positioning in leveraging the cannabis industry’s economic growth but also translates to job creation and enhanced tax revenues for educational initiatives.”