In an effort to make minority ownership of medical cannabis dispensaries more accessible, the Senate Judiciary Committee on Monday advanced legislation sponsored by State Senator Troy Singleton to remove certain restrictions on ownership.
Current law provides that, subject to certain exceptions, no entity may hold more than one medical cannabis cultivator, manufacturer or dispensary permit.
The bill, S-2875, would establish a new ownership exception to expand access to investments for women, minority and disabled-veteran owned businesses. The exception would allow an investor, investor group, or fund that provides significant financial or technical assistance or the significant use of intellectual property to an applicant for a medical cannabis dispensary permit that has been certified as a minority, women, or disabled-veterans' business, to own up to 40 percent interest in up to ten certified minority, women's or disabled veterans' businesses that have been issued a medical cannabis dispensary permit.