“While we have no jurisdiction over private negotiations between investors and prospective applicants, once we receive an application we have the authority and we’ll continue to use that authority to look at all relevant contracts, including financing contracts, to ensure compliance with our regulations as they relate to cap limits, required control and disclosure requirements,” the chairman said.
The Joint Committee on Cannabis Policy held a hearing in June on a handful of social equity fund bills but none of the bills have emerged from the committee for further review and debate among lawmakers.
Access to the capital necessary to start a business has repeatedly been singled out as a serious impediment facing social equity program participants or economic empowerment priority applicants as they try to break into the industry.
So I just wanted to thank all the members of the Black and Latino Legislative Caucus for having us and I hope that and I don’t believe that that will be the last of our conversations,” the commissioner said.
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