IDY Distributors of Colorado and retailer Simply Pure are the first winners of funds from the state’s Cannabis Business Loan Program.
According to a news release, the initiative provides loans ranging from $50,000 to $150,000 to social equity licensees who frequently experience capital-raising challenges.
The state Cannabis Business Office, which was founded in July 2021, gave the loans to the two Denver-based enterprises.
The Colorado Office of Economic Development and International Trade (OEDIT) oversees the agency.
The financing will be used by IDY to extend its services to encompass warehouse and retail order fulfillment.
Simply Pure, which was founded by Colorado cannabis pioneer Wanda James, plans to utilize the loan to expand its digital marketing presence, refurbish the store’s facade, and launch delivery services in collaboration with social equity licensee Puff Pass.
According to the state’s announcement, these investments might increase revenue by $20,000 to $30,000.
Small businesses are an engine of Colorado’s economy, and we are thrilled to promote greater equity in the cannabis industry while making it easier for these businesses to grow,” OEDIT Executive Director Eve Lieberman said in a statement.
“By expanding operations and adding new services, they will be poised to increase revenues, improve the longevity of their businesses and create new jobs.”