Current through Register Vol. 48, No. 12, March 22, 2024
a) In the interest
of establishing a legal cannabis industry that is equitable and accessible to
those most adversely impacted by the enforcement of drug-related laws in
Illinois, including cannabis-related laws, the General Assembly has found that
a social equity program in the cannabis industry should be established to help
remedy the harms resulting from the disproportionate enforcement of
cannabis-related laws. The Cannabis Social Equity Program authorized by the Act
should offer, among other things, financial assistance and License application
benefits to individuals most directly and adversely impacted by the enforcement
of cannabis-related laws who are interested in starting Cannabis Business
Establishments.
b) In furtherance
of this purpose, the Department is authorized to:
1) identify geographic areas that have been
disproportionately impacted by the enforcement of cannabis-related laws
(Disproportionately Impacted Areas);
2) provide financial assistance, loans,
grants, and technical assistance to Social Equity Applicants;
3) conduct outreach that may be provided or
targeted to attract and support Social Equity Applicants; and
4) assist with job training and technical
assistance for Illinois residents in Disproportionately Impacted
Areas.
c) The Cannabis
Social Equity Program includes the Business Loan and Financial Assistance
Program through which the Department will undertake the following activities:
1) Subject to the availability of funding,
the Department will provide term loans and lines of credit on a low or no
interest basis to eligible Illinois businesses that are seeking or have
received licensure under the Act.
2) Applications will be accepted following an
announcement on the Department's website. The Department will prioritize loans
and lines of credit based on market entry dates, demand, the availability of
funding, and the extent to which the financial support furthers the purposes of
the Act.
3) The Department may
issue conditional commitment letters to Social Equity Applicants to support
applications for licensure.
4) The
Department may enter into agreements with financial institutions and other
sources of capital to leverage additional funding for Qualified Social Equity
Applicants or to otherwise facilitate social equity in the cannabis
industry.
