Just one out of 50 business applicants who qualified for Long Beach’s marijuana social equity program has actually entered the California city’s cannabis industry.
In a letter to city leadership, the acting Long Beach city manager wrote that according to applicants:The astonishingly low 2% participation rate can be chalked up to a lack of seed money for those who qualify for the program, according to the Long Beach Business Journal, which estimated that it can cost upwards of $1 million to enter the city’s market.
“The primary reason for the discrepancy between interest in the program and actual business license applications received is the substantial amount of capital necessary to start a cannabis business.”
Published: July 20, 2020
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