Bill > S82

This bill introduces new regulations for financial transactions between cannabis licensees, specifically focusing on credit and accounts receivable. The legislation establishes that cannabis licensees cannot extend credit for marijuana or marijuana products for more than 60 days, and are not obligated to offer credit to other licensees. If a licensee fails to pay the full amount owed within 60 days, they will be considered delinquent. The licensing commission must be notified within three days of a delinquency, and the commission will then publish a list of delinquent licensees on its website. Licensees are prohibited from selling to or purchasing from a delinquent licensee except through cash payments. In cases of significant business disruption due to extraordinary circumstances like riots, fires, or natural disasters, a licensee can apply for a temporary suspension of these rules. Violations of these provisions can result in fines up to $5,000. The new regulations will apply to all credit extended after April 1, 2020, and the commission is required to develop implementing regulations within 90 days of the law's effective date. The bill aims to create more financial accountability and transparency in the cannabis industry by establishing clear guidelines for inter-business transactions.

Budget and Finance, Health and Social Services

https://malegislature.gov/Bills/194/S82