HB5562 Summary

• Amends the Cannabis Regulation and Tax Act to expand the Cannabis Business Development Fund to support Social Equity Lottery Licensees in addition to Qualified Social Equity Applicants through low-interest loans, grants, and financial assistance.

• Authorizes the Department of Commerce and Economic Opportunity to enter into financial intermediary agreements to facilitate lending to or private investment in qualified applicants and lottery licensees to ensure access to facilities needed to operate cannabis businesses.

• Adds a new definition of "Social Equity Lottery Licensee" as holders of adult-use cannabis dispensary licenses awarded through a lottery under Section 15-35.20.

• Allows the Department of Financial and Professional Regulation and Department of Agriculture to share licensee information with the Department of Commerce and Economic Opportunity as necessary to support Social Equity program administration, notwithstanding existing confidentiality provisions.

• Transfers $40,000,000 from the Compassionate Use of Medical Cannabis Fund to the Cannabis Business Development Fund on July 1, 2023 to support social equity financing and assistance programs.