(a) There is established the Cannabis Business Development Fund, which shall be managed in accordance with 32 V.S.A. chapter 7, subchapter 5.
(b) The Fund shall comprise:
(1) a one-time contribution of $50,000.00 per integrated license to be made on or before October 15, 2022; and
(2) monies allocated to the fund by the General Assembly.
(c) The Fund shall be used for the following purposes:
(1) to provide low-interest rate loans and grants to social equity applicants to pay for ordinary and necessary expenses to start and operate a licensed cannabis establishment;
(2) to pay for outreach that may be provided or targeted to attract and support social equity applicants;
(3) to assist with job training and technical assistance for social equity applicants; and
(4) to pay for necessary costs incurred in administering the Fund.
(d) Amounts from loans that are repaid shall provide additional funding through the Fund.