Vote Smart's Synopsis:

Vote to amend and pass a bill that establishes new ownership exceptions to expand access to investments for women, minority and disabled-veteran owned businesses.

Highlights:

• Requires the commission to accept applications from entities for permits to operate as medical cannabis cultivators, medical cannabis manufacturers, and medical cannabis dispensaries. For this section, the term "permit" will be deemed to include a conditional permit and any permit issued to a microbusiness (Sec. 1.a-1).

• Authorizes an investor, investor group, or a fund formed for the sole and express purpose of providing that provides significant financial or technical assistance or the significant use of intellectual property, or a combination thereof, to an applicant for a medical cannabis dispensary permit, which applicant that has been certified as a minority business, a women's business or is a disabled veterans business, to own up to a 40 percent interest in up to 10 entities that have been issued a medical cannabis dispensary permit (Sec. 7-2.b.ii).

• Requires an applicant for a medical cannabis dispensary permit that receives significant financial or technical assistance or the significant use of intellectual property to pay back to the investor, investor group, or fund the full value of the financial or technical assistance or the intellectual property provided under the agreement, plus any applicable interest and fees, within 7 years after the date the applicant agreed to the provision of significant financial or technical assistance or significant use of intellectual property, but no earlier than 3 years after the date of the agreement (Sec. 7-2.d.ii)

• Prohibits the Commission from approving an applicant for a permit to operate, or authorization to be employed at or to be a significantly involved person in, a medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant if the criminal history record background information of the applicant reveals a disqualifying conviction (Sec. 7.d-2).

• Requires each medical cannabis dispensary and clinical registrant to consider whether to make interpreter services available to the population served, including for individuals with a visual or hearing impairment (Sec. j-2).

• Establishes if a medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant fails to comply with any requirements or any related law or regulation, the commission can invoke penalties or take administrative action against the medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant and its employees, officers, investors, directors, or governing board, including, but not limited to, assessing fines, referring matters to another State agency, and suspending or terminating any permit held by the medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant (Sec. 7.m).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes new ownership exceptions to expand access to investments for women, minority and disabled-veteran owned businesses.

Highlights:

• Requires the commission to accept applications from entities for permits to operate as medical cannabis cultivators, medical cannabis manufacturers, and medical cannabis dispensaries. For this section, the term "permit" will be deemed to include a conditional permit and any permit issued to a microbusiness (Sec. 1.a-1).

• Authorizes an investor, investor group, or a fund formed for the sole and express purpose of providing that provides significant financial or technical assistance or the significant use of intellectual property, or a combination thereof, to an applicant for a medical cannabis dispensary permit, which applicant that has been certified as a minority business, a women's business or is a disabled veterans business, to own up to a 40 percent interest in up to 10 entities that have been issued a medical cannabis dispensary permit (Sec. 7-2.b.ii).

• Requires an applicant for a medical cannabis dispensary permit that receives significant financial or technical assistance or the significant use of intellectual property to pay back to the investor, investor group, or fund the full value of the financial or technical assistance or the intellectual property provided under the agreement, plus any applicable interest and fees, within 7 years after the date the applicant agreed to the provision of significant financial or technical assistance or significant use of intellectual property, but no earlier than 3 years after the date of the agreement (Sec. 7-2.d.ii)

• Prohibits the Commission from approving an applicant for a permit to operate, or authorization to be employed at or to be a significantly involved person in, a medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant if the criminal history record background information of the applicant reveals a disqualifying conviction (Sec. 7.d-2).

• Requires each medical cannabis dispensary and clinical registrant to consider whether to make interpreter services available to the population served, including for individuals with a visual or hearing impairment (Sec. j-2).

• Establishes if a medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant fails to comply with any requirements or any related law or regulation, the commission can invoke penalties or take administrative action against the medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant and its employees, officers, investors, directors, or governing board, including, but not limited to, assessing fines, referring matters to another State agency, and suspending or terminating any permit held by the medical cannabis cultivator, medical cannabis manufacturer, medical cannabis dispensary, or clinical registrant (Sec. 7.m).