(a) A cultivator licensed under § 21a-420o may create not more than two equity joint ventures to be approved by the Social Equity Council under § 21a-420d, and licensed by the department under this section. The equity joint venture shall be in any cannabis establishment licensed business, other than a cultivator license.

(b) The equity joint venture applicant shall submit an application to the Social Equity Council that may include, but need not be limited to, evidence of business formation, ownership allocation, terms of ownership and financing and proof of social equity status. The equity joint venture applicant shall submit to the Social Equity Council information including, but not limited to, the organizing documents of the entity that outline the ownership stake of each backer, initial backer investment and payout information to enable the council to determine the terms of ownership.

(c) Upon obtaining the written approval of the Social Equity Council for an equity joint venture, the equity joint venture applicant shall apply for a license from the department in the same form as required by all other licensees of the same license type, except that such application shall not be subject to the lottery.

(d) A cultivator licensed under § 21a-420o, including the backer of such cultivator, shall not increase its ownership in an equity joint venture in excess of fifty per cent during the seven-year period after a license is issued by the department under this section.

(e) Equity joint ventures that share a common cultivator or cultivator backer shall not be located within twenty miles of another commonly owned equity joint venture.

(f) An equity joint venture applicant shall pay fifty per cent of the amount of any applicable fee specified in subsection (c) of § 21a-420e for the first three renewal cycles of the applicable cannabis establishment license applied for, and shall pay the full amount of such fee thereafter.