Chapter 10 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by inserting after Section 35LLL the following section:
Section 35MMM. There shall be a Social Equity and Technical Assistance Trust Fund to encourage and facilitate assistance to social equity applicants seeking to enter the cannabis industry in Massachusetts. For the purpose of this trust fund, social equity applicants shall be defined as certified economic empowerment applicants and social equity program participants, as determined by the cannabis control commission. Funds may be expended, without appropriation, for assistance, training, and inclusion into the cannabis industry into which shall be deposited: (i) any revenues or other financing sources directed to the fund by appropriation; (ii) bond revenues or other money authorized by the general court and specifically designated to be credited to the fund; (iii) any income derived from the investment of amounts credited to the fund or repayment of loans from the fund; (iv) funds from public or private sources including, but not limited to, gifts, federal or private grants, donations, rebates and settlements received by the commonwealth that are specifically designated and authorized to be credited to the fund, including, but not limited to, funds donated by licensees of the cannabis control commission pursuant to the licensee’s positive impact plan; and (v) all other amounts credited or transferred to the fund from any other source. The fund shall be administered by the secretary of housing and economic development in consultation with the cannabis control commission.
Any balance in the fund at the end of a fiscal year shall not revert to the General Fund, but shall remain available for expenditure in subsequent fiscal years. Annually, not later than December 1, the secretary of housing and economic development shall report on the activities of the fund to the clerks of the house of representatives and the senate, to the house and senate committees on ways and means, and to the joint committee on cannabis policy. The report shall include an accounting of expenditures made from the fund and shall include a description of the authorized purpose of each expenditure, an accounting of the amounts credited to the fund and any unexpended balance remaining in the fund.
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