                                 CODE OF VIRGINIA

VIRGINIA CANNABIS EQUITY BUSINESS LOAN FUND (§ 4.1-1501)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Virginia Cannabis Equity Business Loan 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 providing low-interest and
zero-interest loans to social equity qualified cannabis licensees in order to
foster business ownership and economic growth within communities that have been
the most disproportionately impacted by the former prohibition of cannabis.
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 Chief Executive Officer of the Authority.

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