(a) (1) In this section the following words have the meanings indicated. (2) "Fund" means the Cannabis Business Assistance Fund. (3) (i) "Personal net worth" means the net value of the assets of an individual remaining after total liabilities are deducted, including the individual's share of assets held jointly or as community property with the individual's spouse. (ii) "Personal net worth" does not include: 1. the individual's ownership interest in the applicant; 2. the individual's equity in the individual's primary place of residence; or 3. the cash value of any qualified retirement savings plans or individual retirement accounts. (b) There is a Cannabis Business Assistance Fund. (c) The purpose of the Fund is to assist small, minority-owned, and women-owned businesses entering the adult-use cannabis industry. (d) The Department shall administer the Fund. (e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7- 302 of the State Finance and Procurement Article. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. (f) The Fund consists of: (1) money appropriated in the State budget to the Fund; (2) revenue distributed to the Fund in accordance with § 2-1302.2 of the Tax - General Article; and (3) any other money from any other source accepted for the benefit of the Fund. (g) (1) Subject to paragraph (2) of this subsection, the Fund may be used only for: (i) grants or loans to small, minority-owned, or women- owned businesses for: 1. license application assistance for participation in the adult-use cannabis industry; 2. assistance with the operating or capital expenses of a business participating in the adult-use cannabis industry; or 3. targeted training to support participation in the adult-use cannabis industry; (ii) grants to historically black colleges and universities for cannabis-related programs and business development organizations, including incubators, to train and assist small, minority, and women business owners and entrepreneurs seeking to become licensed to participate in the adult-use cannabis industry; and (iii) the administrative costs of the Fund. (2) The Department: (i) shall prioritize awarding grants and loans in accordance with paragraph (1) of this subsection to: 1. populations that have been historically disproportionately impacted by the enforcement of laws criminalizing the use of cannabis; 2. individuals who have been convicted of a violation of a law criminalizing the use of cannabis; and 3. social equity licensees to assist with start-up operating and capital funding needs; and (ii) may not award grants or loans to small, minority, and women business owners and entrepreneurs with a personal net worth exceeding $1,700,000. (3) In order to award grants and loans in accordance with paragraph (1) of this subsection, the Department shall develop partnerships with: (i) traditional minority-serving institutions in the State and surrounding jurisdictions, including historically black colleges and universities; (ii) trade associations representing minority and women- owned businesses; and (iii) the Governor's Office of Small, Minority, and Women Business Affairs. (h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. (2) Any interest earnings of the Fund shall be credited to the Fund. (i) Expenditures from the Fund may be made only in accordance with the State budget.
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