House OKs marijuana equity ownership loan and grant program – Lowell SunPosted by On


Beacon Hill Roll Call records local representatives’ votes on roll calls from the week of May 16-20. There were no roll calls in the Senate last week.

Marijuana laws

The House, 155-0, approved a bill that makes changes in the cannabis industry including a section that would require the state to put its tax and licensing revenue from the sales of marijuana revenue into a newly created Social Equity Trust Fund to provide grants and loans, including forgivable and no-interest loans, designed to assist entrepreneurs and businesses from communities disproportionately harmed by the decades of marijuana prohibition. The measure would also allow municipalities to vote by a local referendum or through a vote of the municipal government for social consumption of marijuana to take place in their community. The Senate has already approved its own version of the bill and a House-Senate conference committee will likely hammer out a compromise version.

Supporters explained that opening an average cannabis retail shop can require up to $1.5 million. They noted that since federal cannabis laws prevent these businesses from accessing traditional bank loans, lack of capital can pose an insurmountable barrier. They noted that less than 20 (6%) of the 346 marijuana businesses are connected to participants in the Cannabis Control Commission’s current social equity program or economic empowerment entrepreneurs.

“This legislation builds upon the House’s multi-session efforts to create a…

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