Just one out of 50 enterprise applicants who certified for Long Beach’s marijuana social equity program has really entered the California city’s cannabis industry.

The astonishingly low 2% participation charge might be chalked as much as a scarcity of seed cash for many who qualify for this system, in keeping with the Long Beach Business Journal, which estimated that it could price upwards of $1 million to enter town’s market.

In a letter to metropolis management, the performing Long Beach metropolis supervisor wrote that in keeping with applicants:

“The primary reason for the discrepancy between interest in the program and actual business license applications received is the substantial amount of capital necessary to start a cannabis business.”

Long Beach was one of a number of California localities that obtained state grant cash to bolster their cannabis social equity applications.

The metropolis took in $2.7 million in funding, however to this point that hasn’t translated to extra minorities really proudly owning marijuana firms.

Long Beach’s cannabis program supervisor informed the Business Journal he was not conscious of any Black-owned marijuana retail shops within the metropolis.

For a sampling of organizations and efforts that help, foster and improve social equity within the cannabis business in addition to alternatives for minorities, total range and racial justice, click on right here. 

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