Capital.
For cannabis entrepreneurs, everyone’s looking for it, everyone needs more of it, and for the smart investors already in the game, it’s theirs to lose given how much opportunity there currently is in the local market.
And for social equity applicants, it’s even more critical to getting off the ground, let alone long-term entrepreneurial success.
The CCC for its part is reaching out to the communities most harmed by prohibition, and offering technical assistance as part of its social equity program aimed at fast-tracking cannabis entrepreneurial applicants to launch businesses in the blossoming local cannabis industry.
Mass restrictors for those applicants, by their own admission to the CCC, ranged from hurdles and issues revolving around the municipal approval process, to the long wait for authorization for social consumption and home delivery, both of which are on the table for a vote this Tuesday by the commission.
MassLive reports that the most common response by social equity entrepreneurs about the biggest barrier to getting off the ground is what prevents all start-ups from launching: lack of financing.
“The biggest issue is they don’t have any money,” Hoffman said, speaking to the editorial boards of The Republican and MassLive.com, later adding: “We’ve got to find other sources of financing, and that is really hard.”
The issue of finding private capital placement continues to be a pivotal component to the industry getting off the ground locally as well as across the country where states have legalized cannabis in some form for commerce. Here in the Bay State, where the East Coast epicenter of legal cannabis is located, motivated investors looking to place capital into the industry are finding the “entrepreneurs need financing” song a familiar one, even more so with traditional banking services prohibited under federal law.
That may be changing with the SAFE Banking Act going before the House this month.
But even back in June, at the State House News Forum panel on social equity, Commissioner Hoffman was clear on the one thing that the entire industry needs, and what smart investors looking to capitalize on the explosive legal cannabis market in Massachusetts should see as the chief reason that the best time to get into cannabis is right now, and right here at home.
“Capital must get in the industry,” Hoffman said.
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