What is a #social #equity #joint #venture?
Connecticut defines a Equity Joint Venture (EVJ) as a business entity, partnering with a licensed producer, DIA cultivator or dispensary facility, that is at least 50 percent owned and controlled by an individual or individuals who:
Had an average household income of less than 300 percent of, or three times, the state median household income over the last 3 tax years
AND, either
Was a resident of a disproportionately impacted area for at least 5 of the past 10 years; OR
Was a resident of a disproportionately impacted area for at least 9 years before the age of 18.
(22) “Equity joint venture” means a business entity that is at least fifty per cent owned and controlled by an individual or individuals, or such applicant is an individual, who meets the criteria of subparagraphs (A) and (B) of subdivision (48) of this section;
Are Equity Joint Ventures selected by lottery?
No. These licenses do not have to obtain their cannabis business license through a lottery system. Instead the Social Equity Council approves the EVJ to create a maximum of two joint ventures.
Sec. 27. (NEW) (Effective July 1, 2021) (a) In order to pay a reduced license expansion authorization fee as described in subsection (b) of section 26 of this act, a producer shall commit to create two equity joint ventures to be approved by the Social Equity Council under section 22 of this act and licensed by the department under this section.
(b) The equity joint venture shall be in any cannabis establishment licensed business, other than a cultivator license, provided the social equity applicant shall own at least fifty per cent of such business.
Read more here: https://www.cannabisindustrylawyer.com/connecticut-social-equity-joint-ventures/
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