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, and 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.
Read more at virginiabusiness.com