Va. Code Ann. tit. 4.1, ch. 15

in effect

Va. Code Ann. § 4.1-1500 Definitions

As used in this chapter, unless the context requires a different meaning: "CDFI" means a community development financial institution that provides credit and financial services for underserved communities. "Fund" means the Virginia Cannabis Equity Business Loan Fund established in § 4.1-1501 . "Funding" means loans made from the Fund. "Program" means the Virginia Cannabis Equity Business Loan Program established in § 4.1-1502 . 2021, Sp. Sess. I, cc. 550 , 551 ; 2026, Sp. Sess. I, c. 1 .

Va. Code Ann. § 4.1-1501 Virginia Cannabis Equity Business Loan Fund

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 "the Fund." 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 grants, low-interest loans, zero-interest loans, conditional loans, and other supports and services to impact 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. 2021, Sp. Sess. I, cc. 550 , 551 ; 2026, Sp. Sess. I, c. 1 .

Va. Code Ann. § 4.1-1502 Program requirements; guidelines for management of the Fund; selection of CDFI.

A. The Authority shall establish a Program to provide loans, grants, and other supports and services to impact licensees for the purpose of promoting business ownership and economic growth by communities that have been disproportionately impacted by the prohibition of cannabis. For the purposes of issuing loans, the Authority may select and work in collaboration with a CDFI. If the Authority utilizes a CDFI for issuing loans, the CDFI selected by the Authority shall have (i) a statewide presence in Virginia, (ii) experience in business lending, (iii) a proven track record of working with disadvantaged communities, and (iv) the capability to dedicate sufficient staff to manage the Program. The Authority shall establish monitoring and accountability mechanisms for impact licensees receiving funding and shall report annually the number of businesses funded; the geographic distribution of the businesses; the costs of the Program; and the outcomes, including the number and types of jobs created. B. The Program shall: 1. Identify impact licensees who are in need of capital for the start-up of a cannabis business properly licensed pursuant to the provisions of this subtitle; 2. Provide loans, grants, and other supports and services for the purposes described in subsection A and § 4.1-1501 ; 3. Provide technical assistance; and 4. Bring together community partners to sustain the Program. 2021, Sp. Sess. I, cc. 550 , 551 ; 2026, Sp. Sess. I, c. 1 .

Va. Code Ann. § 4.1-1503 Annual reports

On or before December 1 of each year, the Authority shall report to the Secretary of Public Safety and Homeland Security, the Officer of Diversity, Equity, and Inclusion, the Governor, and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations on such other matters regarding the Fund as the Authority may deem appropriate, including the amount of funding committed to projects from the Fund, or other items as may be requested by any of the foregoing persons to whom such report is to be submitted. 2021, Sp. Sess. I, cc. 550 , 551 .

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/title4.1/chapter15/Fetched: 10/16/2026