The Office of Economic Development and International Trade (OEDIT) recently announced the recipients of its first round of Cannabis Business Grants. RZA Legal is proud to share that our client, Dewayne Benjamin of Tetra Hospitality Group, is among the winners. According to the OEDIT Cannabis Business Office’s website:
The Cannabis Business Pilot Grant is a funding opportunity for social equity cannabis businesses who have been awarded, or are actively pursuing, a regulated business license from the Marijuana Enforcement Division. This program was developed to support cannabis entrepreneurs through access to capital to promote social equity, innovation, and job creation across the industry.
For this first round, eligible business applicants had to choose between two award categories based on their needs: Foundational (providing grants up to $25,000) and Growth (providing grants up to $50,000). The program is funded by the state of Colorado Marijuana Tax Cash Fund.
As a recipient in the growth category, Dewayne intends to use the $50,000 in grant funds to make required facility improvements to align with Denver codes and purchase new equipment in order to be awarded full licensure as one of the nation’s first hospitality establishments for cannabis consumption.
Dewayne previously operated the private club Tetra Lounge at the same location in Five Points/RiNo Arts District since 2018, before the license type for hospitality establishments was adopted in Denver in 2020. At the new and improved facility, patrons will be able to choose between different tiers of membership based on the duration of their stay. While onsite, patrons will bring their own cannabis products but can use Tetra’s consumption accessories such as electronic dab rigs, tools, bongs, papers, etc. Tetra will also provide entertainment and special events for members and guests.
Although the Cannabis Business Office is not accepting grant applications at this time, it has stated that “multiple grant rounds will be available throughout the year.” For more information on eligibility criteria and assistance with preparing a winning application in the next round of grant applications, reach out to RZA Legal for a complimentary social equity consultation. We can’t wait to work with you.
Check out the full State of Colorado announcement here.
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