Minnesota targets farmers growing cannabis in $2 million grant program

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Minnesota is launching a $2 million grant program to help farmers succeed in the state’s impending recreational cannabis industry.

The program, called CanGrow, intends to:

Cover training grants to farmers.
Loan money to nonprofits that will fund loans to farmers who want to expand into growing cannabis.

CanGrow will be administered by the Office of Cannabis Management (OCM), Eden Prairie-based TV station KMSP reported.

The first round of grants for technical assistance are expected to range from $10,000 to $50,000 per project, according to the OCM.

Loan financing grants for eligible organizations will range from $200,000 to $500,000, and loans to individual farmers will be between $2,500 and $50,000, or up to $150,000 for projects with matching funds.

CanGrow farmer training grants are available to nonprofits, educational institutions, local governments, private businesses, community groups and partnerships between different types.

“We recognize that financing and resources are critical for Minnesota farmers,” said Jess Jackson, the OCM’s director of social equity in a statement.

“CanGrow helps to increase access to ownership by ensuring underserved farmers get a fair opportunity at entering the cannabis market.”

Organizations can submit written applications explaining their proposed investment, the community’s needs and the expected outcomes, according to KMSP.

Grant awardees will be announced in the fall.

The launch of Minnesota’s adult-use program can proceed since regulations were recently posted, but when sales might actually begin remains a question.

Sponsored cannabis industry news from MJbizdaily.com