Virginia’s plan for a recreational cannabis market includes a way to help micro-businesses, formerly known as the social equity license, get involved with what is anticipated to be a multimillion-dollar business — if the plan survives the governor’s desk.
The Virginia Cannabis Equity Loan Fund will provide grants, low-interest and zero-interest loans to qualified micro business licensees, according to legislation passed by the General Assembly.
Del. Paul Krizek, D-Fairfax, and Sen. Aaron Rouse, D-Virginia Beach, reached a compromise between their two measures to create a state cannabis market.
An applicant must meet certain criteria to qualify, including having at least 66% ownership and direct control of the business.
The applicant must either have been convicted or adjudicated of a prior misdemeanor violation for marijuana to qualify.
The applicant could also qualify if they lived at least three of the past five years, or attended at least five years of public school, in a historically economically disadvantaged community.
Another qualification would be if the applicant received a federal Pell Grant or attended for at least two years a college or university where an average of at least 30% of the students are eligible for a federal Pell Grant.
[Read more at Royal Examiner]