Cannabis businesses in Vermont will be facing unique challenges in accessing financial aid in the aftermath of recent floods. As recreational cannabis remains illegal at the national level, these businesses are ineligible for federal funds allocated to Vermont, reports the Bennington Banner.
“There’s a robust cannabis industry in Vermont, and many of those businesses will need financial assistance,” Todd Bailey, Executive Director of the Cannabis Retail Association of Vermont (CRAV) told the Banner. “These are businesses owned by Vermonters, which employ thousands of additional Vermont residents.”
Because of the complications of federal prohibition, the fund is still trying to determine how it can help the cannabis industry. “Unlike legacy businesses, our industry won’t likely have access to federal aid, so they need support from the public even more so than others,” Bailey explained.
CRAV is working with Capstone Community Action, a non-profit organization, to pool donations and ensure their tax-deductible status. The recovery fund is exploring options to include cannabis businesses among the recipients of aid.
While the exact extent of the damage to cannabis businesses is still being assessed, Bailey stated that “dozens of businesses” have been hit hard across the state, amounting to “tens of millions of dollars” in losses.