The Vermont Statutes Online

Title 7: Alcoholic Beverages, Cannabis, and Tobacco

Chapter 039: Cannabis Social Equity Programs

• § 986. Definitions

  As used in this chapter:

  (1) “Agency” means the Agency of Commerce and Community Development.

  (2) “Board” means the Cannabis Control Board. (Added 2021, No. 62, § 12, eff. June 7, 2021.)

• § 987. Cannabis Business Development Fund

  (a) There is established the Cannabis Business Development Fund, which shall be managed in accordance with 32 V.S.A. chapter 7, subchapter 5.

  (b) The Fund shall comprise:

  (1) a one-time contribution of $50,000.00 per integrated license to be made on or before October 15, 2022; and

  (2) monies allocated to the fund by the General Assembly.

  (c) The Fund shall be used for the following purposes:

  (1) to provide low-interest rate loans and grants to social equity applicants to pay for ordinary and necessary expenses to start and operate a licensed cannabis establishment;

  (2) to pay for outreach that may be provided or targeted to attract and support social equity applicants;

  (3) to assist with job training and technical assistance for social equity applicants; and

  (4) to pay for necessary costs incurred in administering the Fund.

  (d) Amounts from loans that are repaid shall provide additional funding through the Fund. (Added 2021, No. 62, § 12, eff. June 7, 2021.)

• § 988. Social equity loans and grants

  The Agency of Commerce and Community Development shall establish a program using funds from the Cannabis Business Development Fund for the purpose of providing financial assistance, loans, grants, and outreach to social equity applicants. The Agency may procure by contract all or part of the necessary underwriting, execution, and administration services required for loans and grants to be made from the Cannabis Business Development Fund to eligible social equity applicants as allowed under this chapter. Should the Agency be unable to do so, the program shall not move forward until the General Assembly appropriates the operational resources necessary for the Agency to make loans and provide financial assistance to social equity applicants. (Added 2021, No. 62, § 12, eff. June 7, 2021.)

• § 989. Reporting

  The Cannabis Control Board, in consultation with the Advisory Committee, the Agency of Commerce and Community Development, and the Executive Director of Racial Equity, shall report to the General Assembly on or before January 15, 2023 and biennially thereafter regarding the implementation and application of this chapter, including data on the number of applicants, the number of recipients, the number and amounts of loans and grants, and the identification of continuing barriers to accessing the cannabis market for social equity applicants. This information shall be presented in a manner that can be quantified and tracked over time. (Added 2021, No. 62, § 12, eff. June 7, 2021.)