HB 642 - Retail Cannabis Market
Item 491 #1h
Item 491 #1h | First Year - FY2027 | Second Year - FY2028 | |
| Independent Agencies |
| Virginia Cannabis Control Authority | FY2027 ($4,028,024) | FY2028 ($4,028,024) | GF |
| FY2027 $19,575,354 | FY2028 $19,575,354 | NGF |
| FY2027 80.00 | FY2028 80.00 | FTE |
Language
Page 557, line 31, strike "$6,220,439" and insert "$21,767,769".
Page 557, line 31, strike "$6,220,439" and insert "$21,767,769".
Page 557, strike lines 36 through 39.
Page 557, after line 39, insert:
"Notwithstanding the provision 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 the creation of a retail cannabis market in the Commonwealth consistent with the provisions of House Bill 642 of the 2026 Session of the General Assembly. The amount of the treasury loan may include costs as estimated to be incurred by the Authority and the Department of Taxation for the administration, regulation, enforcement, and oversight of a retail cannabis market in accordance with House Bill 642 of the 2026 Session of the General Assembly. 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 Authority costs associated with the administration and regulation of a retail cannabis market. Intended repayment of the treasury loan is with revenues anticipated from fines, fees, and taxes collected pursuant to the legislation."
Explanation
(This amendment authorizes the provision of an interest-free treasury loan to the Cannabis Control Authority to support the creation of a retail cannabis market in the Commonwealth consistent with the provisions of House Bill 642. The amendment also provides $19.6 million each year from nongeneral funds and 80 positions to support the administration, regulation, enforcement, and oversight of a retail cannabis market consistent with the provisions of House Bill 642.)