The Colorado Cannabis Business Office (CBO), part of OEDIT's Business Support division, plays a key role in maintaining Colorado's legacy as a leader in the cannabis industry and the movement to invest in social equity business owners. By providing funds and programming to promote diversity, innovation, and job creation across the cannabis industry, the CBO is a model of success in its support of social equity licensed cannabis businesses as they grow and contribute to their local economy and community.
The CBO's Cannabis Business Grant has supported roughly 75% of active social equity licensed businesses in the state. This grant supports innovation and job creation for small cannabis businesses, and, in just three rounds of grant funding, has created or retained nearly 300 jobs and supported the launch of 55 new businesses.
The office was one of the first in the nation to lend capital to qualifying cannabis businesses. The CBO's landmark Cannabis Business Loan Program provides a meaningful opportunity for businesses, serving as a source of funding that they otherwise would not be able to access through a traditional bank due to federal restrictions. The program has loaned $860,000 to seven social equity licensed businesses in the first round of dispersal, which is anticipated to create or retain 40 to 45 jobs.
In addition to these funding opportunities, the CBO's 15-week Mentorship Program offers one-on-one mentorship from industry experts to provide valuable insight related to operations, marketing, accounting, and more. So far, 35 businesses have benefitted from this program. So far the office has provided a total of 3,500 hours of educational programming to cannabis entrepreneurs when combining their two online educational opportunities.
The CBO's tailored approach to meet its constituents where they are at positively impacts social equity licensed businesses, especially when they focus on a niche market. Minority- and women-owned BACHAZ(opens in new window) specializes in Mexican-flavored edibles and is the first product with bilingual packaging in the space. With help from the CBO, BACHAZ's authentic chamoy and tamarind-coated THC gummies are currently available in 11 dispensaries across the state and steadily expanding.
"The resources and grants awarded by the CBO office were incredibly helpful during the development and startup phase of BACHAZ. They provided the financial support and resources we needed to get started," said founder and CEO, Beatrice Carranza.
In Ault, Colorado, business owners Corbin Maag and Andrew Jackson opened Grassberries(opens in new window)—the first locally owned and licensed recreational cannabis dispensary in the rural community. With the help of the CBO's grant and mentorship program, Maag and Jackson fully staffed their business in its first year. They strive to stock other social equity operators' infused products at their retail business to support the community.
"We literally wouldn't have made it without the grants we received from the CBO. We are beyond grateful for the opportunity we were given and we are honored to represent Colorado's Social Equity Program and Colorado's Cannabis Business Office," said Maag.
Similar support, plus the CBO's pilot Access to Experts program, helped Canna CabanaBus(opens in new window) owner Alisha Gallegos jumpstart her business focused on providing safe mobile hospitality options for cannabis users to enjoy their evening in a responsible manner.
"As entrepreneurs enter this uncharted territory, the resources offered at the CBO are necessary for establishing a smooth operation," said Gallegos. "I was able to utilize the CBO's support during the first year of running Canna CabanaBus which has helped me tremendously. They provided the cushion needed to ground the business' foundation, allowing me the opportunity to grow and learn as a business owner and prepare for future success."
For in-depth details on the CBO's programming, click here.