The Cannabis Business Office (CBO) within the Colorado Office of Economic Development & International Trade (OEDIT) announced Sept. 28 the first recipients of the state’s Cannabis Business Loan Program.

The program, implemented in partnership with mission-based lender NuProject, provides loans between $50,000 and $150,000 to help social equity licensed cannabis businesses expand operations, increase revenues, and retain or create jobs.

“Small businesses are an engine of Colorado’s economy, and we are thrilled to promote greater equity in the cannabis industry while making it easier for these businesses to grow,” OEDIT Executive Director Eve Lieberman said in a public statement. “By expanding operations and adding new services, they will be poised to increase revenues, improve the longevity of their businesses and create new jobs. That’s a win for the businesses, their communities, and Colorado’s economy as a whole.”

The CBO named IDY Distributors and Simply Pure as the first loan recipients.

Denver-based IDY Distributors provides distribution services for Colorado’s cannabis businesses with a focus on growing markets and consolidating product ordering for retailers. The company plans to use the loan to expand its services to include warehousing and fulfillment of retail orders for brands, which will in turn create new job opportunities for the local community.

Simply Pure, also based in Denver and owned by the first Black, veteran cannabis licensee in the country, will use the loan to remodel the exterior of its dispensary and launch a delivery service in partnership with Puff Pass, a Black-owned social equity business. The company also plans to use some of the funds to increase its digital marketing efforts.

“As their partner in the Cannabis Business Loan Program, NuProject enables Colorado to distribute funding quickly to businesses, which is critical for a fast-growing industry,” NuProject CEO Jeannette Ward said in a public statement. “The cannabis businesses announced today are just the type of high-growth businesses states are smart to support with funding. Filling this funding gap better positions Colorado to benefit from the economic growth of the cannabis industry, adding jobs and increasing tax revenues for schools.”