Colorado has created the Cannabis Business Office to promote social equity and provide financial and technical assistance to entrepreneurs in the industry, according to an AP News report.

The new agency, which was established by legislation passed during the state’s 2021 legislative session, will provide microloans and grants, as well as planning advice and other support, for business owners with a focus on economically disadvantaged areas, people of color, and those with past cannabis-related arrests and convictions, the news outlet reported.

The Cannabis Business Office falls under the jurisdiction of the Colorado Office of Economic Development and Trade, and will be supported by the state’s cannabis cash tax fund.

“The Cannabis Business Office shows our administration’s focus on growing this thriving industry that supports jobs and our economy,” Colorado Gov. Jared Polis said in a statement, according to AP News. “Where the federal government has fallen behind, Colorado will lead. Colorado is, and always has been, the best place to live, work, grow and sell cannabis."