                                 CODE OF VIRGINIA

CANNABIS EQUITY REINVESTMENT FUND (§ 2.2-2499.8)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Cannabis Equity Reinvestment Fund, referred to in this section as
&#8220;the Fund.&#8221; The Fund shall be established on the books of the
Comptroller. All funds appropriated for such purpose and any gifts, donations,
grants, bequests, and other funds received on its behalf shall be paid into the
state treasury and credited to the Fund. Interest earned on moneys in the Fund
shall remain in the Fund and be credited to it. Any moneys remaining in the
Fund, including interest thereon, at the end of each fiscal year shall not
revert to the general fund but shall remain in the Fund. Moneys in the Fund
shall be used solely for the purposes of:

1. Supporting persons, families, and communities historically and
disproportionately targeted and affected by drug enforcement;

2. Providing scholarship opportunities and educational and vocational resources
for historically marginalized persons, including persons in foster care, who
have been adversely impacted by substance use individually, in their families,
or in their communities;

3. Awarding grants to support workforce development, mentoring programs, job
training and placement services, apprenticeships, and reentry services that
serve persons and communities historically and disproportionately targeted by
drug enforcement.

4. Contributing to the Virginia Indigent Defense Commission established pursuant
to &#xA7; 19.2-163.01; and

5. Contributing to the Virginia Cannabis Equity Business Loan Fund established
pursuant to &#xA7; 4.1-1501.
			Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller upon written request signed by
the Director of Diversity, Equity, and Inclusion.

HISTORY: 2021, Sp. Sess. I, cc. 550, 551.