19 Matching Annotations
  1. Aug 2020
  2. Jul 2020
  3. Jun 2020
  4. May 2020
  5. Apr 2020
  6. Dec 2019
    1. There is created in the State treasury a special fund, which shall be held separate and apart from all other State moneys, to be known as the Cannabis Business Development Fund. The Cannabis Business Development Fund shall be exclusively used for the following purposes:        (1) to provide low-interest rate loans to Qualified      Social Equity Applicants to pay for ordinary and necessary expenses to start and operate a cannabis business establishment permitted by this Act;        (2) to provide grants to Qualified Social Equity     Applicants to pay for ordinary and necessary expenses to start and operate a cannabis business establishment permitted by this Act;        (3) to compensate the Department of Commerce and     Economic Opportunity for any costs related to the provision of low-interest loans and grants to Qualified Social Equity Applicants;         (4) to pay for outreach that may be provided or     targeted to attract and support Social Equity Applicants and Qualified Social Equity Applicants;        (5) (blank);         (6) to conduct any study or research concerning the     participation of minorities, women, veterans, or people with disabilities in the cannabis industry, including, without limitation, barriers to such individuals entering the industry as equity owners of cannabis business establishments;        (7) (blank); and        (8) to assist with job training and technical     assistance for residents in Disproportionately Impacted Areas.

      The Cannabis Business Development Fund is a unique aspect of Illinois' marijuana law establishing a fund to be exclusively used for providing low interest loans and grants for qualified social equity applicants designed to help them start and operate a business.

      Funds will also go towards advertisement to attract applicants, conduct research on participation numbers and assistance with job training.

      The fund will hold money collected from early approval licenses issued before January 2021 and from license transfers from qualified social equity applicants.

      An additional $12 million dollars is in the fund from medicinal pilot program.

      The funds can not be transferred from the fund, according to the law.

    2. "Social Equity Applicant" means an applicant that is an Illinois resident that meets one of the following criteria:        (1) an applicant with at least 51% ownership and     control by one or more individuals who have resided for at least 5 of the preceding 10 years in a Disproportionately Impacted Area;         (2) an applicant with at least 51% ownership and     control by one or more individuals who:             (i) have been arrested for, convicted of, or         adjudicated delinquent for any offense that is eligible for expungement under this Act; or             (ii) is a member of an impacted family;        (3) for applicants with a minimum of 10 full-time     employees, an applicant with at least 51% of current employees who:            (i) currently reside in a Disproportionately         Impacted Area; or            (ii) have been arrested for, convicted of, or         adjudicated delinquent for any offense that is eligible for expungement under this Act or member of an impacted family.

      Applicants for social equity measures must be majority owners or employ at least 10 full-time employs that qualify. Qualifications include living in an area that was over policed during the war on drugs. Family members of those incarcerated for a marijuana offense are also eligible, along with the individual.

    3. Sec. 7-30. Reporting. By January 1, 2021, and on January 1 of every year thereafter, or upon request by the Illinois Cannabis Regulation Oversight Officer, each cannabis business establishment licensed under this Act shall report to the Illinois Cannabis Regulation Oversight Officer, on a form to be provided by the Illinois Cannabis Regulation Oversight Officer, information that will allow it to assess the extent of diversity in the medical and adult use cannabis industry and methods for reducing or eliminating any identified barriers to entry, including access to capital. The information to be collected shall be designed to identify the following:        (1) the number and percentage of licenses provided to     Social Equity Applicants and to businesses owned by minorities, women, veterans, and people with disabilities;        (2) the total number and percentage of employees in     the cannabis industry who meet the criteria in (3)(i) or (3)(ii) in the definition of Social Equity Applicant or who are minorities, women, veterans, or people with disabilities;         (3) the total number and percentage of contractors     and subcontractors in the cannabis industry that meet the definition of a Social Equity Applicant or who are owned by minorities, women, veterans, or people with disabilities, if known to the cannabis business establishment; and        (4) recommendations on reducing or eliminating any     identified barriers to entry, including access to capital, in the cannabis industry.

      Each year, the Illinois Cannabis Regulation Oversight Officer, currently former State Sen. Toi Hutchinson, shall receive a report from each business allowing the office to assess diversity in the recreational and medicinal industry.

    4.  Sec. 7-25. Transfer of license awarded to Qualified Social Equity Applicant.     (a) In the event a Qualified Social Equity Applicant seeks to transfer, sell, or grant a cannabis business establishment license within 5 years after it was issued to a person or entity that does not qualify as a Social Equity Applicant, the transfer agreement shall require the new license holder to pay the Cannabis Business Development Fund an amount equal to:         (1) any fees that were waived by any State agency     based on the applicant's status as a Social Equity Applicant, if applicable;        (2) any outstanding amount owed by the Qualified     Social Equity Applicant for a loan through the Cannabis Business Development Fund, if applicable; and        (3) the full amount of any grants that the Qualified     Social Equity Applicant received from the Department of Commerce and Economic Opportunity, if applicable.     (b) Transfers of cannabis business establishment licenses awarded to a Social Equity Applicant are subject to all other provisions of this Act, the Compassionate Use of Medical Cannabis Program Act, and rules regarding transfers. (Source: P.A. 101-27, eff. 6-25-19; 101-593, eff. 12-4-19.)

      All fees waived for qualified social equity applicants must be paid back before the license can be transferred to a new license holder. That money would go towards the Cannabis Business Development Fund.

  7. Jul 2018
  8. Jul 2017