H.B. 929 - North Carolina Medical Cannabis Act

• Legalizes medical cannabis for qualified patients with debilitating medical conditions who obtain written certification from a physician, permitting possession of an adequate supply (up to 24 ounces for inhalation/smoking methods).

• Directs the Department of Agriculture and Consumer Services to establish licensing rules for medical cannabis cultivation and manufacturing by January 31, 2023, and the Alcoholic Beverage Control Commission to establish dispensary licensing rules by January 1, 2023.

• Establishes a Social Equity Business Development Grant Program funded with $250,000 annually from licensing fees to support applicants with prior cannabis convictions, family members with such convictions, those from economically distressed areas, or graduates of historically Black colleges and universities.

• Automatically expunges misdemeanor marijuana possession convictions by December 31, 2024, and allows felony marijuana offense convictions to be expunged five years after sentencing upon court petition showing manifest injustice.

• Imposes a 10% state tax on medical cannabis sales (effective January 1, 2022) with 50% of proceeds going to the General Fund and 50% to the University Cannabis Equity Investment Fund for medical cannabis research, low-interest loans to social equity applicants, scholarships, job training, and legal services.