(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; and

(2) 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; and

(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.

(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; and

2. individuals who have been convicted of a violation of a law criminalizing the use of cannabis; 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.