summary
Introduced
01/30/2025
01/30/2025
In Committee
03/21/2025
03/21/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Compassionate Use of Medical Cannabis Program Act. Provides that the Department of Financial and Professional Regulation and the Department of Agriculture may share with the Department of Commerce and Economic Opportunity any licensee information necessary to support the administration of social equity programming. Amends the Cannabis Regulation and Tax Act. Adds a definition. In various provisions, adds Social Equity Lottery Licensees to provisions that include Social Equity Applicants. Provides that the Cannabis Business Development Fund shall be exclusively used for certain purposes, to include providing financial assistance to support lending to, or private investment in, Qualified Social Equity Applicants and Social Equity Lottery Licensees, or to facilitate access to the facilities needed to commence operations as a cannabis business establishment. In provisions regarding loans and grants to Social Equity Applicants, adds financial assistance to provisions that include loans and grants. Provides that the Department of Commerce and Economic Opportunity has the power to enter into financial intermediary agreements to facilitate lending to or investment in Qualified Social Equity Applicants, Social Equity Lottery Licensees, or their subsidiaries or affiliates, to ensure the availability of facilities necessary to operate a cannabis business establishment. Provides that certain loans made shall contain terms and provisions with respect to forgiveness. Provides that those loans also may be distributed by lot if the Department of Commerce and Economic Opportunity determines that the amount of funding available is insufficient. Provides that, to the extent registration with the federal System for Award Management requires a grant applicant to certify compliance with all federal laws, the grant applicants shall not be required to register for a unique entity identifier through the federal System for Award Management. Makes other and conforming changes.
AI Summary
This bill amends existing cannabis-related laws to enhance social equity provisions in Illinois' cannabis industry. It allows the Departments of Financial and Professional Regulation and Agriculture to share licensee information with the Department of Commerce and Economic Opportunity to support social equity programming. The bill expands the Cannabis Business Development Fund's purposes to include providing financial assistance and facilitating access to facilities for Qualified Social Equity Applicants and Social Equity Lottery Licensees. It introduces a new definition for "Social Equity Lottery Licensee" and provides the Department of Commerce and Economic Opportunity with expanded powers to offer financial support, including the ability to enter into financial intermediary agreements. The bill also allows for loan distribution by lottery if funding is insufficient and removes certain federal registration requirements for grant applicants. Additionally, the bill provides more flexibility in loan and grant programs, with provisions for loan forgiveness and competitive criteria for assistance. The legislation aims to support individuals and businesses from communities disproportionately impacted by previous cannabis-related laws by creating more pathways to enter and succeed in the legal cannabis industry.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 03/21/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2343&GAID=18&DocTypeID=HB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/HB/10400HB2343.htm |
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