The NuLeaf Project, Prosper Portland’s partner in its Cannabis Business Development Program, will accept applications starting Monday, September 17 for a grant program designed specifically to help cannabis businesses owned by people of color achieve greater success.
The NuFuel program will award annual grants to businesses in the amounts ranging from $5,000 to $30,000.
To qualify for the grant, applicants must be operational cannabis businesses headquartered in Portland, Oregon with at least 51% ownership by people of color. Grants are intended to address the capital, education, and connection hurdles that people of color face when entering the cannabis industry.
The City of Portland is the first U.S. municipality to invest tax revenue from the legalized cannabis industry into the communities most negatively impacted by cannabis criminalization. The city allocated $150,000 to Prosper Portland to provide business technical assistance; Prosper Portland subsequently partnered with NuLeaf Project, now a member of the agency’s Inclusive Business Resource Network, to deliver services to priority business owners.
Prosper Portland Executive Director Kimberly Branam said, “The NuLeaf Project will assist between 10 and 20 businesses with services like accounting and tax advice, one-on-one business development, and training workshops. This expansion of our Inclusive Business Resource Network aligns well with our mission to create economic growth and opportunity for Portland.”
Jeannette Ward Horton, NuLeaf Project Director said, “The cannabis industry is projected to be worth $25B by 2020. Portlanders should be proud that Portland took real, proactive steps to ensure the cannabis industry is diverse and that industry opportunities reach the communities most harmed by previous cannabis criminalization. We can’t wait to fund and upskill exceptional Portland businesses.”
For complete application information visit www.nuleafproject.org. Applications are due Friday, October 19. Businesses are encouraged to apply as soon as possible to fast-track their applications and receive funding early.