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

2. (b) The Fund shall comprise:

   1. (1) a one-time contribution of $50,000.00 per integrated license to be made on or before October 15, 2022; and
   2. (2) monies allocated to the fund by the General Assembly.

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

   1. (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. (2) to pay for outreach that may be provided or targeted to attract and support social equity applicants;
   3. (3) to assist with job training and technical assistance for social equity applicants; and
   4. (4) to pay for necessary costs incurred in administering the Fund.
4. (d) Amounts from loans that are repaid shall provide additional funding through the Fund.

(Added 2021, No. 62, § 12, eff. June 7, 2021.)