Budget Amendment ID: FY2020-S3-867

ECO 867

Social Equity in Cannabis, Part 1

Ms. Chang-Diaz, Mr. Collins, Ms. Comerford and Mr. Eldridge moved that the proposed new text be amended by inserting after section _ the following section:-

SECTION XX.  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 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. 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, subject to legislative approval. The fund shall consist of revenues collected by the commonwealth including: (1) 10 per cent of the Cannabis Excise Tax; and (2) any funds from private sources such as gifts, grants, and donations.