SECTION 1. Section 1 of chapter 64N of the General Laws, as appearing in the 2018 official edition, is hereby amended by adding the following definition:-
(c) “Social Equity Business”, a marijuana establishment eligible for the Social Equity Program established in 935 CMR 500.105(17) or the Economic Empowerment Program as defined in 935 CMR 500.101(1)(e) or otherwise determined by the commission.
(d) “Social Equity Program” a program administered by the Commission to provide training and technical assistance to eligible applicants, potential applicants, and licensees from communities that have previously been disproportionately harmed by marijuana prohibition and enforcement or to municipalities seeking to initiate or improve social equity programming on the local level. This program includes a Social Equity Fund established and administered by the Commission.
SECTION 2. Subsection (a½) of Section 4 of chapter 94G of the General Laws, is hereby amended by striking clause (ii) and by inserting in place thereof the following clauses:-
(ii) a schedule of application, license and renewal fees in an amount necessary to pay for all regulation and enforcement costs of the commission including, but not limited to, the Social Equity Program; provided that not less than 2% of the funds generated by said fees shall go directly to funding the Social Equity Program through the Social Equity Fund; provided further however that fees may be relative to the volume of business conducted or to be conducted by the marijuana establishment; provided further that municipalities which create their own social equity program in compliance with the Commission’s Social Equity Program will have the ability to apply to the fund.
SECTION 3. Section 16G of chapter 6A is hereby amended by inserting, following subsection (n), the following:-
(o) There shall be established and set up on the books of the commonwealth a Cannabis Social Equity Loan Trust Fund for the purpose of making no-interest loans, forgivable loans, or grants to economic empowerment and social equity program participants to encourage the full participation of entrepreneurs from communities that have been disproportionately impacted by previous marijuana prohibition and enforcement; provided further, however, that the fund administrator shall develop policies and procedures to forgive all or a portion of these loans subject to an analysis of anticipated revenues, demand, and lending projections. The fund shall be administered by the secretary of housing and economic development. The cannabis control commission shall promulgate guidelines governing the structure of the fund. The fund shall consist of revenues collected by the commonwealth including: (1) up to 25 per cent of revenue generated by the Cannabis Excise Tax; provided that said revenue shall be deposited in the fund on a 1:1 basis relative to private funds received pursuant to (2); and (2) any funds from private sources such as gifts, grants, and donations.
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