Item 491 | First Year - FY2027 | Second Year - FY2028 |
|---|---|---|
| Cannabis Regulation and Enforcement (30800) | $24,560,421 | $22,158,026 |
| Administrative Services (30801) | FY2027 $24,560,421 | FY2028 $22,158,026 |
| Fund Sources: | ||
| General | FY2027 $4,028,024 | FY2028 $0 |
| Special | FY2027 $20,532,397 | FY2028 $22,158,026 |
Authority: §§4.1-601 through 4.1-1503, Code of Virginia.
A. Notwithstanding the provisions of § 4-3.02 of this act, the State Comptroller shall authorize an interest-free treasury loan of up to $15,000,000 to fund costs associated with the creation and administration of a retail cannabis market in the Commonwealth, consistent with the provisions of Item 4-14 of this act. 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.
B. The Director, Department of Planning and Budget, in consultation with Virginia Department of Agriculature Services and the Cannabis Control Authority, shall administratively transfer general fund amounts appropriated in Item 92, paragraph E, of this act as necessary to support the transfer of employees and any associated operating costs from the Virginia Department of Agriculture and Consumer Services to the Virginia Cannabis Control Authority in accordance with Item 4-14 of this act. In addition, the State Comptroller, in consultation with the Virginia Department of Agriculture Services and the Cannabis Control Authority, shall identify uncommitted nongeneral fund cash balances of up to $3,850,000 that are (i) associated with regulation and enforcement of regulated hemp products sold at retail; and (ii) available for transfer to the Cannabis Control Authority. The Virginia Department of Agriculture and Consumer Services shall transfer such balances by July 1, 2027.