SB3785 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 loans, grants, and financial assistance programs.

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

• Allows the Cannabis Business Development Fund to provide financial assistance supporting private lending and investment in qualified social equity applicants and lottery licensees to help them commence operations.

• Permits 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 administer social equity programming, notwithstanding confidentiality provisions.

• Transfers $40,000,000 from the Compassionate Use of Medical Cannabis Fund to the Cannabis Business Development Fund on July 1, 2023.