SB 970 - Cannabis Control Authority Operational Funding (language only)

Item 489.30 #1s

Language

Page 604, after line 7, insert:

"C. Notwithstanding the provisions of § 4-3.02 of this act, the State Comptroller may authorize an interest-free treasury loan for the Cannabis Control Authority to fund costs associated with Senate Bill 970 from the 2025 General Assembly Session. The amount of the treasury loan may include costs as estimated to be incurred by the Authority for the administration, regulation, enforcement, and oversight of retail marijuana sales in accordance with legislation passed by the 2025 General Assembly. The Authority is also authorized to transfer any amounts to the Department of Taxation that are necessary for one-time IT system changes necessitated by the legislation. The Secretary of Finance may extend the repayment plan for any such interest-free treasury loan for a period of longer than twelve months as needed to support state costs associated with the regulation of retail marijuana. Intended repayment of the treasury loan is with revenues anticipated from any fines, fees, and taxes collected pursuant to the legislation."