A group of businesses have petitioned the state Cannabis Control Commission asking regulators to disburse money from a social equity trust fund to existing social-equity-licensed businesses rather than to encourage new entrants to the marketplace.
In an omnibus cannabis bill passed last year, the state established a Cannabis Social Equity Trust Fund, designed to support people that were disproportionately harmed by cannabis prohibition to get involved the now-regulated industry. The fund was designed to provide grants and loans to social-equity and economic-empowerment licensees, which are determined by the CCC to be business owners from marginalized communities or those harmed by the war on drugs. Money for the fund comes from the revenue collected from the sale of cannabis products.
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