California Accepting Applications to Waive Cannabis Equity License Fees

CANNANNEW REPORT

The California Department of Cannabis Control announced on Saturday that they are now accepting applications for fee waivers for equity licensees. To be eligible, businesses must have 50% equity applicant ownership and have, or expect to have, gross annual receipts of $1.5 million or less. Equity applicants in California must check at least one of the following: they were arrested for cannabis prior to November 8, 2016; their household income is less than or equal to 60% of the local median income where they live; and/or they must have lived five years between 1980 and 2016 in a neighborhood disproportionately affected by the war on drugs. To find out more about the program, potential applicants can visit California’s cannabis website cannabis.ca.gov, the agency said in a press release.   DCC is now accepting requests for Equity Fee Waivers Jan 01, 2022 Cannabis equity businesses can now request a license fee waiver from the Department of Cannabis Control. Fee Waiver Eligibility The cannabis business must meet the following criteria: Equity ownership: Individuals who meet the equity criteria own 50% or more of the business. Gross revenues: The business has gross revenue of $1.5 million or less per year. If a new applicant, the business expects gross revenue of $1.5 million or less for the first year. Equity owners must meet at least one of the following criteria: Cannabis conviction or arrest: The owner was convicted of or arrested for a cannabis offense before November 8, 2016. Household income: The owner’s household income is less than or equal to 60 percent of the Area Median Income for the local jurisdiction where they live. Neighborhood: The owner lived for at least five years between 1980 and 2016 in an area disproportionately impacted by past criminal justice policies implementing cannabis prohibition. Learn more about qualifying neighborhoods, or use our map tool to see if you…

Excerpt only …
READ MORE BELOW
Source : California Accepting Applications to Waive Cannabis Equity License Fees

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.