The Department of Small & Local Business Development (DSLBD) awarded the first round of cannabis business funding last month.
The FY2024 JustCannabusiness Medical Cultivators Grant program is set up to refund specific costs associated with cannabis production licensees. It’s the city’s first concrete effort to help increase the number of cultivators and manufacturers that move from a conditional license to an open business, something the cannabis program has struggled greatly with since the market expansion launched. The grants offered ranged from $2,000 to $50,000.
DSLBD did not respond to the Outlaw Report’s questions via email about the grants, including how many businesses were awarded money. However, the director told the Outlaw in August that the grants reflect “Mayor Bowser’s dedication to providing the support needed for everyone to succeed and grow within our diverse business landscape.”
D.C.’s Mayor Bowser tried to strip more than $6 million in medical cannabis social equity funding for fiscal year 2025 in May. The effort did not succeed. The DSLBD’s grants provided $300,000 in total funding for awardees – a small bandaid for the monumental costs that cultivators and manufacturers face.
One of the awardees is Samuel Futterman, the CEO and owner of Prophet Cultivation, said that “the grant was quite an exciting opportunity and certainly helpful for us.”
Futterman’s company focuses on organic grown craft cannabis. He found that start-up costs exceeded his expectations as he progressed to opening his business in the last year.
“Competing against other companies with deep pockets, the grant definitely was a nice bonus that will help us get to the finish line of becoming operational,” Futterman said. Futterman was awarded over $40,000 in assistance which is still not enough to “take us all the way” but is still “a huge help.”
“Hopefully DSLBD will provide more grants to help cultivation centers that are passion driven like ours get off the ground so we can have cannabis in D.C. that can really compete nationwide in terms of quality,” Futterman said. There have been no other grant or funding opportunities announced as of yet.
