Kalamazoo, Michigan Development News

Kalamazoo Considers Updates to Social Equity Policy for Broader Economic Impact

The Economic Development Corporation presented an update on the city's marijuana social equity policy, originally approved in 2020. The proposed amendments aim to evaluate and update the policy based on six years of experience and industry changes. The focus is shifting from industry access to lasting economic impact, expanding beyond just the cannabis industry to create wealth creation opportunities, particularly in shared prosperity neighborhoods (Edison, east side, north side). The policy will focus on four key pillars: access to capital and asset acquisition, ownership retention and growth, asset protection and transfer, and cannabis business retention and education. The city plans to issue RFPs for implementation and will bring the policy back for a vote on August 10th. Concerns were raised about codifying the expansion beyond cannabis, the creation of a separate chamber entity, and the inclusion of expungement services.