Retail Cannabis Market and Enforcement
Item 491 #1c
Item 491 #1c | First Year - FY2027 | Second Year - FY2028 | |
| Independent Agencies |
| Virginia Cannabis Control Authority | FY2027 $0 | FY2028 ($4,028,024) | GF |
| FY2027 $18,339,982 | FY2028 $19,965,611 | NGF |
| FY2027 99.00 | FY2028 99.00 | FTE |
Language
Page 557, line 31, strike "$6,220,439" and insert "$24,560,421".
Page 557, line 31, strike "$6,220,439" and insert "$22,158,026".
Page 557, strike lines 36 to 39.
Page 557, after line 35, insert:
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."
Explanation
(This amendment provides $18.3 million NGF the first year and $20.0 million NGF the second year and authorizes a treasury loan to support implementation of the retail cannabis market pursuant to Item 4-14 of this act. The amendment also removes $4.0 million GF the second year, when it is projected that nongeneral fund revenue will be sufficient to cover the operating costs of the Authority. In addition, language directs the transfer of general fund appropriations and nongeneral fund cash balances from the Virginia Department of Consumer Services to the Cannabis Control Authority to align with the transfer of duties related to regulated hemp product regulation and enforcement pursuant to Item 4-14 of this act.)