Bill > S63

This bill aims to promote social equity and economic empowerment in the cannabis industry. It does this by: 1) Defining a "Social Equity Business" as a cannabis establishment eligible for the Social Equity Program or the Economic Empowerment Program, as determined by the Cannabis Control Commission. It also defines the "Social Equity Program" as a program that provides training and technical assistance to eligible applicants, potential applicants, and licensees from communities disproportionately harmed by cannabis prohibition and enforcement. 2) Requiring that at least 2% of the funds generated by cannabis application, license, and renewal fees go directly to funding the Social Equity Program through a Social Equity Fund. This fund can also be accessed by municipalities that create their own social equity programs in compliance with the Commission's Social Equity Program. 3) Establishing a Cannabis Social Equity Loan Trust Fund, administered by the Secretary of Housing and Economic Development, to provide no-interest loans, forgivable loans, or grants to economic empowerment and social equity program participants. The fund will be financed by up to 25% of the Cannabis Excise Tax revenue and private funds.

Health and Social Services

https://malegislature.gov/Bills/192/S63