Thursday’s 39-0 vote came two years after state senators declined to act on a more limited cannabis bill, reflecting newfound political momentum around tweaking marijuana laws on Beacon Hill.
Industry groups have long complained the practice amounts to a shakedown.
“Placing host community agreements in the hands of a regulatory agency would hinder the development of the industry, thwarting the goal of propelling it forward,” Beckwith wrote.
Beckwith said his group supported an alternative proposal that would let municipalities charge a flat 3 percent fee, an idea that the Senate did not adopt Thursday.
Such entrepreneurs have struggled to gain a foothold in the industry, thanks in part to federal banking restrictions that make it hard to obtain the needed up-front capital without access to wealthy private investors.
If projections hold for this fiscal year, which ends in June, a 10 percent cut of the state’s marijuana excise tax revenue would amount to just over $15 million.
“We are excited and thankful to the Senate for pushing this bill forward, but disappointed by the low allocation to the equity fund,” said Shanel Lindsay, the group’s cofounder.
It would also encourage municipalities to give preference to equity applicants by offering them the equivalent of an extra 1 percent impact fee when they approve those businesses, with the money coming from state pot tax coffers.