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2022 Session

Budget Amendments - SB30 (Committee Approved)

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Adjust Cannabis Equity Business Loan Fund for Additional Revenue

Item 397 #1s

Item 397 #1s

 First Year - FY2023 Second Year - FY2024
Public Safety and Homeland Security
Virginia Cannabis Control Authority FY2023 $0 FY2024 ($6,000,000) GF

Language
Page 424, line 25, strike "$21,735,769" and insert "$15,735,769".

Page 424, line 31, after "Virginia Cannabis Control Authority", strike the remainder of the line.

Page 424, strike line 32.


Explanation

(This amendment removes the general fund appropriation in fiscal year 2024 for the Virginia Cannabis Equity Business Loan Fund, which is no longer necessary due to significant additional revenue allocated to loans for qualified social equity applicants, pursuant to Senate Bill 391. Senate Bill 391 authorizes pharmaceutical processors and industrial hemp processors in Virginia to sell cannabis products to adults 21 years of age or older without a written certification, subject to certain requirements. It is estimated that this will result in at least $24.0 million in additional revenue from fee and tax collections directed to Cannabis Control Authority loan funds beginning in fiscal year 2023. This reduction is contingent on passage of the provisions of Senate Bill 391 that provide additional revenue for social equity business loans.)

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