California to offer financial support for cannabis equity businesses through fee waivers

CANNANNEW REPORT

Emergency regulations for the equity license fee waiver program were approved today SACRAMENTO, Calif.–(BUSINESS WIRE)–Cannabis entrepreneurs affected by the War on Drugs can have their license or renewal fee waived, following the approval of emergency regulations issued by the Department of Cannabis Control (DCC). These regulations implement Senate Bill (SB) 166, signed into law on September 23, 2021, which outlined broad criteria for the waivers and mandated that DCC have a fee waiver program in place by January 1, 2022. Read the approved regulations. DCC will begin processing fee waiver requests on January 1, 2022, and anticipates rolling out additional guidance for licensees and applicants in the coming weeks. $30 million has been set aside to fund these fee waivers. “Access to capital is the number one challenge for equity operators, and the approval of these regulations puts much-needed financial support into the hands of businesses immediately,” said Nicole Elliott, DCC Director. “While this is a critical first step, we recognize that there is more work to be done to refine these rules. That is why DCC will immediately begin engaging directly with equity operators and stakeholders to begin the development of regulations for the permanent rulemaking package.” Here’s what equity operators and local equity program leaders had to say about today’s approval of state equity fee waiver regulations: “Equity fee waivers will allow me to create additional business opportunities in my community. High fees are a barrier to equitable participation, and I’m excited about the opportunity the state is providing.” – Ali Jamalian, Sunset Connect (Equity Business Owner) “State fee waivers provided by SB 166 to Qualified Equity Applicants and Licensees as well as Locally Verified Equity Applicants and Licensees will provide much needed financial assistance to individuals and communities disproportionately impacted by cannabis prohibition and its enforcement who…

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Source : California to offer financial support for cannabis equity businesses through fee waivers

reposted by Cannabis News World

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