Bill > SF3520

This bill modifies provisions related to employee stock ownership plans (ESOPs) in Minnesota's cannabis industry regulations. The bill expands definitions and creates specific exemptions for ESOPs and their trustees in cannabis business licensing rules. Specifically, the bill adds a formal definition of an employee stock ownership plan as a contribution plan under federal tax code and introduces new language that excludes ESOP trustees and employees from certain ownership and licensing restrictions. The bill amends multiple sections of Minnesota Statutes to clarify that trustees of an ESOP, the ESOP itself, and officers or employees of businesses partially owned by an ESOP can be true parties of interest in multiple cannabis business licenses, which would normally be prohibited. This means that ESOPs can now have more flexibility in holding ownership stakes across different cannabis businesses without being constrained by the previous strict licensing limitations. The modifications aim to provide more opportunities for employee ownership and investment in the cannabis industry while maintaining regulatory oversight.

Business and Industry

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3520&ssn=0&y=2025