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Colorado marijuana transport company IDY Distributors and retailer Simply Pure are the first recipients of funding from the state’s Cannabis Business Loan Program.
The program awards loans ranging from $50,000 to $150,000 to social equity licensees who often face barriers to raising capital, according to a news release.
The loans were awarded to the two Denver-based companies by the state Cannabis Business Office, which was established in July 2021.
The agency is an arm of the Colorado Office of Economic Development and International Trade (OEDIT).
IDY plans to use the loan to expand its offerings to include warehousing and retail-order fulfillment.
Simply Pure, founded by Colorado cannabis pioneer Wanda James, will use the loan to grow its digital marketing presence, remodel the store’s exterior and launch delivery services with social equity licensee Puff Pass.
Those investments could grow revenue by $20,000 to $30,000 per month, according to the state’s release.
“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.”