Vote Smart's Synopsis:

Vote to pass a substitute bill that amends existing state cannabis laws and regulations.

Highlights:

• Estabishes a social equity business programs for cannabis entrepreneurs and defines it as a marijuana establishment with no less than 51 percent ownership of eligible individuals (Sec. 3).

• Establishes the Cannabis Social Equity Trust fund to encourage full participation in the regulated marijuana industry from communities that have ben disproportionately harmed by marijuana prohibition and enforcement (Sec. 13).

• Specifies that the Cannabis Social Equity Trust fund shall be funded by revenue generated by the marijuana excise tax (Sec. 13).

• Limits fees in host community agreements to no more than 3 percent of a cannabis business’s annual gross sales (Sec. 13).

Full Bill Text