‘Local cannabis companies face extinction;’ Recreational marijuana businesses plead with Mass. lawmakers for state loan program amid pandemic
Marijuana Industry NewsMassachusetts May 6, 2020 MJ Shareholders 0
It took almost two years for Massachusetts marijuana company T. Bear, Inc., to receive approval to commence operations, which finally came down on March 20, recounted owner and CEO Angela Brown.
That approval authorized the East Wareham company to start operations on March 24, which happened to end up being the day an order from the governor shut down businesses deemed non-essential, including marijuana companies.
“Just one day before we were able to make our first sale, we were shut down,” said Brown on Tuesday, testifying before state lawmakers in support of a bill that would offer a Massachusetts version of the federal Paycheck Protection Program, or PPP, amid the COVID-19 pandemic.
Brown said her company was forced to furlough its whole team.
“All I can do now is wait, with no income and no revenue,” she said. “And while I wait, I still pay my rent, my lenders, my utilities and my health insurance for my furloughed employees.”
Gov. Charlie Baker in March issued an order that shut down non-essential businesses starting March 24. While medical marijuana companies are allowed to operate during the pandemic, adult-use marijuana businesses have been shuttered since. The order has been extended multiple times, and now has an end-date of May 18. [Read more at MassLive]
MJ Shareholders
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers
No comments so far.
Be first to leave comment below.