San Francisco Officials Approve Updates to Cannabis Social Equity Program

CANNANNEW REPORT

Ganjapreneur reports.. The San Francisco Board of Supervisors approved a measure by Mayor London Breed to update the city’s social equity program. The San Francisco, California Board of Supervisors unanimously approved a measure from Mayor London Breed updating the city’s social equity program, CBS San Francisco reports. The changes will set new guidelines for how the city prioritizes cannabis license applications. “As San Francisco works to recover from COVID-19, it’s important that we support small businesses, including our cannabis industry. This legislation helps us make sure the program continues to achieve its goals and ensure that cannabis business owners are supported and have the resources they need to be successful in San Francisco.” — Breed via CBS San Francisco The new effort comes in response to a backlog of cannabis social equity applications, as only 36 of 94 applications have been processed in San Francisco’s three-year-old social equity program, CBS reports. The new program will move cannabis social equity applicants who are sole proprietors to the front of the application processing line, reduce the time period required to transfer more than 50% financial stake in a cannabis business from 10 years to five years for more flexibility, and insists cannabis businesses pay more in social equity contributions if they reduce social equity ownership below 20%. Read more at  San Francisco Officials Approve Updates to Cannabis Social Equity Program

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Source : San Francisco Officials Approve Updates to Cannabis Social Equity Program

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